U.S. Oil-Rig Count Climbs by Eight -- Baker Hughes

By Austen Hufford Features Dow Jones Newswires

The number of rigs drilling for oil in the U.S. rose by eight in the past week to 741, according to oil-field services company Baker Hughes Inc.

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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, the rig count receded as low oil prices put downward pressure on production. However, the oil-rig count generally has been rising since last summer.

The nation's gas-rig count rose by three to 185 in the past week, according to Baker Hughes.

The U.S. offshore-rig count is down one from last week at 22.

On Friday, U.S. West Texas Intermediate rose 0.8% to $45.99 a barrel.

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

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(END) Dow Jones Newswires

June 09, 2017 13:46 ET (17:46 GMT)