U.S. Oil-Rig Count Rose by One in Latest Week
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were up by one this week to 800, Baker Hughes, a GE company, reported Friday.
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.
The nation's gas rig count was up by two at 181 in the past week, according to oil-field services company Baker Hughes.
The U.S. offshore-rig count was down by three from last week to 14, which is four less than a year ago.
Oil prices were up 0.2% to $61.20 a barrel in afternoon trading Friday.
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(END) Dow Jones Newswires
March 02, 2018 13:32 ET (18:32 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.