U.S. Oil-Rig Count Rises by Nine

The number of rigs drilling for oil in the U.S. rose by nine in the past week to 697, 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 last summer.

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The nation's gas-rig count rose by four to 171 in the past week, according to Baker Hughes.

The U.S. offshore-rig count fell three rigs from last week to 17, which is down eight rigs year over year.

On Friday, oil prices rose 0.5% to $49.21.

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

(END) Dow Jones Newswires

April 28, 2017 13:47 ET (17:47 GMT)