2-9-18 4:24 PM EST | Email Article

Shares of oil and gas companies fell alongside oil futures as traders recoiled from the "shale backlash"--a sharp increase in U.S. drilling activity. The number of rigs drilling for oil in the U.S. increased by 26 this week to 791, the highest since April 2015, according to the latest tally from General Electric affiliate Baker Hughes. Recent production trends suggest that the slowdown in shale oilfield activity prompted by a crash in oil prices two years ago has now given way to a renewed push.

 

-Rob Curran, rob.curran@dowjones.com

 

(END) Dow Jones Newswires

February 09, 2018 16:24 ET (21:24 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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