The number of rigs drilling for oil in the U.S. rose by three in the past week to 474, according to oil-field services company Baker Hughes Inc.

The U.S. oil-rig count is typically viewed as a proxy for activity in the sector. After peaking at 1,609 in October 2014, low oil prices put downward pressure on production and the rig count fell sharply. The oil-rig count generally has been rising since the beginning of summer.

The nation's gas-rig count rose by two to 118 in the past week, according to Baker Hughes.

The U.S. offshore-rig count is unchanged from last week at 23, which is seven fewer than a year ago.

Oil prices were about flat at $48.01 a barrel in afternoon trading Wednesday.

General Electric Co. reached a deal in October to combine its oil-and-gas business with Baker Hughes, creating a publicly traded energy powerhouse that would give GE a cost-effective way to play any recovery in the industry.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

November 23, 2016 13:55 ET (18:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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