U.S. Oil Rig Count Rises, While Gas Rig Count Falls

By Allison PrangFeaturesDow Jones Newswires

The number of rigs drilling for oil in the U.S. rose this week by one to 737, Baker Hughes, a GE company, reported.

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 fell sharply. The oil-rig count has generally been rising over the past year.

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The nation's gas rig count fell by 5 to 172 in the past week, according to oil-field services company Baker Hughes.

The U.S. offshore-rig count is the same as last week at 20, which is two fewer than a year ago.

Oil prices were up almost 2% at $53.67 a barrel in afternoon trading Friday.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 27, 2017 14:12 ET (18:12 GMT)