U.S. Oil-Rig Count Down by Four in Latest Week -- Baker Hughes
December 14 2018 - 1:47PM
Dow Jones News
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by four in
the past week to 873, according to oil-field services company Baker
Hughes, a GE company.
The nation's gas-rig count was unchanged from a week ago at 198,
according to Baker Hughes.
The U.S. offshore-rig count is also unchanged from last week at
23 rigs, which is four more than a year ago.
Canada's rig count fell 12 on the week to 174. Oil rigs were
down seven to 95 and gas rigs dropped five to 79.
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.
Brent crude, the global oil benchmark, was down 1.92% to $60.27
a barrel on London's Intercontinental Exchange in Friday afternoon
trading. On the New York Mercantile Exchange, West Texas
Intermediate futures fell 2.49% to $51.27 a barrel.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
December 14, 2018 13:32 ET (18:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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