U.S. Oil Rig Count Falls to 789 -- Baker Hughes

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06/07/2019 | 05:26 pm

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 patrick.thomas@wsj.com

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