U.S. Oil Rig Count Falls by One

By Ali StrattonFeaturesDow Jones Newswires

The number of rigs drilling for oil in the U.S. fell by one in the past week to 765, according to oil-field services company Baker Hughes, now a unit of General Electric Co.

The U.S. oil-rig count is typically viewed as a proxy for activity in the sector. After the rig count peaked at 1,609 in October 2014, low oil prices put downward pressure on production and the count receded. However, the oil-rig count has generally been rising since the summer of 2016.

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The nation's gas-rig count fell by three to 189 in the past week, according to Baker Hughes.

The U.S. offshore-rig count fell by seven to 17.

West Texas Intermediate futures rose 0.71% to $49.38 a barrel in recent trading.

(END) Dow Jones Newswires

August 04, 2017 14:02 ET (18:02 GMT)