U.S. Oil-Rig Count Falls for Fourth Straight Week
March 15 2019 - 1:46PM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were down by one
this week to 833, Baker Hughes, a GE company, reported. This was
the fourth week in a row that the number of oil rigs fell, with the
total reaching a 10-month low.
The nation's gas rig count was unchanged at 193 in the past
week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was also unchanged from last week at
22, which is nine more than a year ago.
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
June 2016.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
March 15, 2019 13:31 ET (17:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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