U.S. Oil-Rig Count Rose by 10 in Latest Week -- Baker Hughes

Date : 08/10/2018 @ 2:29PM
Source : Dow Jones News
Stock : General Electric Company (GE)
Quote : 12.38  0.0 (0.00%) @ 5:05AM
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U.S. Oil-Rig Count Rose by 10 in Latest Week -- Baker Hughes

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By Waverly Colville

 

The number of rigs drilling for oil in the U.S. rose by 10 in the past week to 869, according to oil-field services company Baker Hughes.

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 the summer of 2016.

The nation's gas-rig count rose by three to 186, according to Baker Hughes, a GE company.

The U.S. offshore-rig count is up three from last week at 20, which is two more than a year ago.

Brent crude, the global oil benchmark, was up 1% to $72.87 a barrel on London's Intercontinental Exchange in Friday afternoon trading. On the New York Mercantile Exchange, West Texas Intermediate futures rose 1.2% to $67.58 a barrel.

 

Write to Waverly Colville at waverly.colville@wsj.com

 

(END) Dow Jones Newswires

August 10, 2018 14:14 ET (18:14 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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