U.S. Oil-Rig Count Falls in Latest Week
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.
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(END) Dow Jones Newswires
May 10, 2019 13:30 ET (17:30 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.