U.S. Oil-Rig Count Rose by Nine in Latest Week

By Joshua Jamerson Features Dow Jones Newswires

The number of rigs drilling for oil in the U.S. rose by nine to 712 in the past week, 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, production was weighed by low oil prices, and the rig count receded. However, the oil-rig count has generally been rising since last summer as U.S. production ramps up -- even in the face of concerns about a global supply glut.

The nation's gas-rig count fell by one to 172 in the past week, according to Baker Hughes.

The U.S. offshore-rig count rose 2 rigs from last week to 21, down one rig year over year.

On Friday, crude-oil prices eased, biting into gains for the week, as traders parsed inventory data and look to the global oil cartel to extend a production-cut deal later this month. U.S. oil prices recently slipped 0.9%, to $47.41 a barrel

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Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

May 12, 2017 13:40 ET (17:40 GMT)