U.S. Oil-Rig Count Rises by Nine

By Austen Hufford Features Dow Jones Newswires

The number of rigs drilling for oil in the U.S. rose by nine in the past week to 697, according to oil-field services company Baker Hughes Inc.

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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 receded. However, the oil-rig count has generally been rising since last summer.

The nation's gas-rig count rose by four to 171 in the past week, according to Baker Hughes.

The U.S. offshore-rig count fell three rigs from last week to 17, which is down eight rigs year over year.

On Friday, oil prices rose 0.5% to $49.21.

Write to Austen Hufford at austen.hufford@wsj.com

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(END) Dow Jones Newswires

April 28, 2017 13:47 ET (17:47 GMT)