The number of rigs drilling for oil in the U.S. rose by five in the past week to 688, according to oil-field services company Baker Hughes Inc.
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 put downward pressure on production and the rig count receded. However, the oil rig count has generally been rising since the summer.
Continue Reading Below
The nation's gas-rig count rose five to 167 in the past week, according to Baker Hughes.
The U.S. offshore-rig count fell one rig from last week to 20, which is down six rigs year over year.
On Friday, oil prices fell 2.7% to $49.35, with investors focused on the U.S., where production is growing faster than had been anticipated.
Write to Joshua Jamerson at firstname.lastname@example.org
(END) Dow Jones Newswires
April 21, 2017 13:42 ET (17:42 GMT)