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U.S. Oil-Rig Count Rose by 26 in Latest Week2-9-18 1:31 PM EST
   By Aisha Al-Muslim 
 

The number of rigs drilling for oil in the U.S. increased by 26 this week to 791, Baker Hughes, a GE company, reported.

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 had generally been rising since June 2016 before reaching a plateau in August 2017.

The nation's gas-rig count was up by 3 to 184 in the past week, according to oil-field services company Baker Hughes.

The U.S. offshore-rig count was unchanged from last week at 16, which is 5 less than a year ago.

Oil prices were down 3.4% at $59.07 a barrel in afternoon trading Friday.

 

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

 

(END) Dow Jones Newswires

February 09, 2018 13:31 ET (18:31 GMT)

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