BHGE Baker Hughes a GE Company

   By Allison Prang 
 

The number of rigs drilling for oil in the U.S. fell by four the past week to 873 rigs, according to oil-field services company Baker Hughes, a GE Company.

The U.S. oil-rig count typically is 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 generally has been rising since the summer of 2016.

The nation's gas-rig count rose by four to 202, according to Baker Hughes.

The U.S. offshore-rig count is up by one from last week at 21, which is two more than a year ago.

On the New York Mercantile Exchange, West Texas Intermediate futures fell 2.2% to $51.42 a barrel.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

January 11, 2019 13:37 ET (18:37 GMT)

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