U.S. Oil Rig Count Falls to 789 -- Baker Hughes
By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by 11 in the past week to 789, its lowest level since February 2018, according to oil-field services company Baker Hughes, a GE company.
The nation's gas-rig count rose by two to 186 in the past week, according to Baker Hughes.
The U.S. offshore-rig count remained unchanged from last week at 23 rigs, which is three more than a year ago.
Oil prices were 2.34% lower at $53.82 a barrel in afternoon trading Friday.
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.
Write to Patrick Thomas at firstname.lastname@example.org