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.
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.
Continue Reading Below
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 email@example.com
(END) Dow Jones Newswires
June 09, 2017 13:46 ET (17:46 GMT)