U.S. Oil-Rig Count Rose by 10 in Latest Week -- Baker Hughes
August 10 2018 - 2:29PM
Dow Jones News
By Waverly Colville
The number of rigs drilling for oil in the U.S. rose by 10 in
the past week to 869, according to oil-field services company Baker
Hughes.
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.
The nation's gas-rig count rose by three to 186, according to
Baker Hughes, a GE company.
The U.S. offshore-rig count is up three from last week at 20,
which is two more than a year ago.
Brent crude, the global oil benchmark, was up 1% to $72.87 a
barrel on London's Intercontinental Exchange in Friday afternoon
trading. On the New York Mercantile Exchange, West Texas
Intermediate futures rose 1.2% to $67.58 a barrel.
Write to Waverly Colville at waverly.colville@wsj.com
(END) Dow Jones Newswires
August 10, 2018 14:14 ET (18:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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