U.S. Oil-Rig Count Unchanged in Latest Week -- Baker Hughes
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. remained unchanged this week at 747, Baker Hughes, a GE company, reported.
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 over the past year.
The nation's gas rig count were down by 2 to 182 in the past week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was down one from last week to 18, which is five fewer than a year ago.
Oil prices were up less than 1% at $60.37 a barrel in afternoon trading Friday.
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(END) Dow Jones Newswires
December 29, 2017 13:33 ET (18:33 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.