Baker Hughes A GE : U.S. Oil-Rig Count Falls by Four in Latest Week
By Allison Prang
The number of rigs drilling for oil in the U.S. fell by four the past week to 873 rigs, according to oil-field services company Baker Hughes, a GE Company.
The U.S. oil-rig count typically is 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 generally has been rising since the summer of 2016.
The nation's gas-rig count rose by four to 202, according to Baker Hughes.
The U.S. offshore-rig count is up by one from last week at 21, which is two more than a year ago.
On the New York Mercantile Exchange, West Texas Intermediate futures fell 2.2% to $51.42 a barrel.
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