U.S. Oil Rig Count Falls to One-Year Low
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by three in the past week to 802, its lowest level since March 2018, according to oil-field services company Baker Hughes, a GE Company.
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.
The nation's gas-rig count rose by two to 185 in the past week, according to Baker Hughes.
The U.S. offshore-rig count also rose by two from last week to 22 rigs, which is three more than a year ago.
Oil prices were 0.16% higher at $62.77 a barrel in afternoon trading Friday.
Write to Patrick Thomas at email@example.com
(END) Dow Jones Newswires
May 17, 2019 13:28 ET (17:28 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.