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Share Name Share Symbol Market Type
Baker Hughes, A GE Company Class A NYSE:BHGE NYSE Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  -$0.25 -1.06% $23.36 $23.54 $23.225 $23.35 5,351,212 20:59:59

U.S. Oil Rig Count Falls to One-Year Low

17/05/2019 6:43pm

Dow Jones News


Baker Hughes, A GE Company Class A (NYSE:BHGE)
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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 patrick.thomas@wsj.com

 

(END) Dow Jones Newswires

May 17, 2019 13:28 ET (17:28 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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