U.S. Oil Rig Count Rises by Two

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.

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)