By Patrick Thomas

The number of rigs drilling for oil in the U.S. rose by two in the past week to 885, according to oil-field services company Baker Hughes, a GE Company.

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 one to 198 for the week, according to Baker Hughes.

The U.S. offshore-rig count remained unchanged from last week at 24, which is six more than a year ago.

Brent crude, the global oil benchmark, was up 1.27% to $53.40 a barrel on London's Intercontinental Exchange in Friday afternoon trading. On the New York Mercantile Exchange, West Texas Intermediate futures rose 1.91% to $45.46 a barrel.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

December 28, 2018 13:30 ET (18:30 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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