U.S. Oil-Rig Count Up by 3 in Latest Week -- Baker Hughes
16 February 2019 - 5:41AM
Dow Jones News
By Aisha Al-Muslim
The number of rigs drilling for oil in the U.S. were up by three
this week to 857, Baker Hughes, a GE company, reported Friday.
The nation's gas rig count was down one to 194 in the past week,
according to the oil-field services company.
The U.S. offshore-rig count was up two from last week to 21,
which is three more than a year ago.
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.
Oil prices were are up 2% to $55.50 a barrel in afternoon
trading Friday.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
February 15, 2019 13:26 ET (18:26 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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