U.S. Oil-Rig Count Falls in Latest Week

05/10/19 01:30 PM EDT

By Patrick Thomas

 

The number of rigs drilling for oil in the U.S. fell by two in the past week to 805, matching its one-year low, according to oil-field services company Baker Hughes, a GE Company.

The nation's gas-rig count remained unchanged at 183 in the past week, according to Baker Hughes.

The U.S. offshore-rig count also remained unchanged from last week at 20, which is one more than a year ago.

Oil prices were 0.41% higher at $61.95 a barrel in afternoon trading 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 the summer of 2016.

 

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

 

(END) Dow Jones Newswires

May 10, 2019 13:30 ET (17:30 GMT)

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