U.S. Oil-Rig Count Rose by Six in Latest Week -- Baker Hughes

By Aisha Al-Muslim

The number of rigs drilling for oil in the U.S. rose by six this week to 765, Baker Hughes, a GE company, reported.

The nation's gas-rig count was down by seven to 181 in the past week, according to the oil-field services company.

The U.S. offshore-rig count was down by one from last week to 16, six less 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 had generally been rising since June 2016 before reaching a plateau in August 2017.

U.S. crude futures were down 1% to $65.14 a barrel on the New York Mercantile Exchange in Friday afternoon trading. Brent crude, the global benchmark, fell 1.6% to $68.54 a barrel, on ICE Futures Europe.

Write to Aisha Al-Muslim at [e-mail]

(END) Dow Jones Newswires

February 02, 2018 13:33 ET (18:33 GMT)

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