U.S. Oil-Rig Count Rose by One in Latest Week

03/02/18 01:32 PM EST
   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.


Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com


(END) Dow Jones Newswires

March 02, 2018 13:32 ET (18:32 GMT)

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