U.S. Oil-Rig Count Sees Highest Weekly Number Since April 2015-- Update
February 09 2018 - 2:05PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. increased by 26
this week to 791, Baker Hughes, a GE company, reported.
The latest U.S. oil-rig count showed the highest weekly number
in 22 months. The last time the oil-rig count stood above 791 was
April 2, 2015, when it reached 802 and has continued to remain
below that mark.
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 up by 3 to 184 in the past week,
according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was unchanged from last week at 16,
which is 5 less than a year ago.
U.S. crude futures recently fell 3.7% to $58.88 a barrel on the
New York Mercantile Exchange in afternoon trading Friday. Brent
crude, the global benchmark, dropped 3.5%, to $62.51 a barrel, on
ICE Futures Europe.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 09, 2018 13:50 ET (18:50 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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