U.S. Oil-Rig Count Rose by Six in Latest Week -- Baker Hughes
February 02 2018 - 1:48PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. rose by six this
week to 765, Baker Hughes, a GE company, reported.
The nation's gas-rig count was down by seven to 181 in the past
week, according to the oil-field services company.
The U.S. offshore-rig count was down by one from last week to
16, six less than a year ago.
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.
U.S. crude futures were down 1% to $65.14 a barrel on the New
York Mercantile Exchange in Friday afternoon trading. Brent crude,
the global benchmark, fell 1.6% to $68.54 a barrel, on ICE Futures
Europe.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 02, 2018 13:33 ET (18:33 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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