U.S. oil-rig count rises in latest week

Oil Dow Jones Newswires

Stacked rigs and other idle oil equipment is seen in a Nabors Drilling yard near Williston, North Dakota, on April 30, 2016. (Reuters)

The number of rigs drilling for oil in the U.S. rose by 2 this week, to 751, Baker Hughes, a GE company, reported.

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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 have put downward pressure on production and the rig count fell sharply. The oil-rig count generally has been rising over the past year.

The nation's gas-rig count remained unchanged, at 180, in the past week, according to oil-field services company Baker Hughes.

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The U.S. offshore-rig count remained unchanged from last week, at 20, which is down from 22 a year ago.

Oil prices were 1% higher, at $57.27 a barrel, in afternoon trading Friday.

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