U.S. Oil-Rig Count Up by Three in Latest Week
November 23 2016 - 2:10PM
Dow Jones News
The number of rigs drilling for oil in the U.S. rose by three in
the past week to 474, according to oil-field services company Baker
Hughes Inc.
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 generally has been rising since the
beginning of summer.
The nation's gas-rig count rose by two to 118 in the past week,
according to Baker Hughes.
The U.S. offshore-rig count is unchanged from last week at 23,
which is seven fewer than a year ago.
Oil prices were about flat at $48.01 a barrel in afternoon
trading Wednesday.
General Electric Co. reached a deal in October to combine its
oil-and-gas business with Baker Hughes, creating a publicly traded
energy powerhouse that would give GE a cost-effective way to play
any recovery in the industry.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
November 23, 2016 13:55 ET (18:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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