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Baker Hughes A GE : U.S. Oil-Rig Count Falls by Four in Latest Week

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01/11/2019 | 07:37 pm


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.





Write to Allison Prang at allison.prang@wsj.com





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