U.S. Oil-Rig Count Rose by 12 in Latest Week
January 26 2018 - 1:43PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were up 12 this
week to 759, Baker Hughes, a GE company, said Friday.
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 had generally been rising since
June 2016 before reaching a plateau in August 2017.
The nation's gas-rig count was down by one to 188 in the past
week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was down by two from last week to
17, which is four less than a year ago.
Oil prices were up 1% at $66.13 a barrel in afternoon trading
Friday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
January 26, 2018 13:28 ET (18:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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