GE GE Aerospace

   By Aisha Al-Muslim 
 

The number of rigs drilling for oil in the U.S. were up by 4 this week, to 800, 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 1, to 189, in the past week, according to oil-field services company Baker Hughes.

The U.S. offshore-rig count was unchanged from last week at 13, which is 6 less than a year ago.

Oil prices were up 1.8%, to $62.29 a barrel, in afternoon trading Friday.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

March 16, 2018 13:27 ET (17:27 GMT)

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