U.S. Oil Rig Count Rises by Two

By Ali StrattonFeaturesDow Jones Newswires

The number of rigs drilling for oil in the U.S. rose by two in the past week to 766, 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 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 of 2016.

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The nation's gas-rig count rose by six to 192 in the past week, according to Baker Hughes.

The U.S. offshore-rig count rose by one to 24.

West Texas Intermediate futures rose 1.2% to $49.63 a barrel in recent trading.

(END) Dow Jones Newswires

July 28, 2017 14:06 ET (18:06 GMT)