U.S. Oil-Rig Count Fell by Four in Latest Week
March 09 2018 - 1:44PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were down by
four in the latest week to 796, Baker Hughes, a GE company,
reported.
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 has generally been rising since
June 2016.
The nation's gas-rig count was up by seven to 188 in the past
week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was down by one from last week to
13, which is seven fewer than a year ago.
Oil prices were up 3% to $61.75 a barrel in afternoon trading
Friday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
March 09, 2018 13:29 ET (18:29 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Mar 2024 to Apr 2024
GE Aerospace (NYSE:GE)
Historical Stock Chart
From Apr 2023 to Apr 2024
