U.S. Oil-Rig Count Rose by Nine in Latest Week
The number of rigs drilling for oil in the U.S. rose by nine to 712 in the past week, 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, production was weighed by low oil prices, and the rig count receded. However, the oil-rig count has generally been rising since last summer as U.S. production ramps up -- even in the face of concerns about a global supply glut.
The nation's gas-rig count fell by one to 172 in the past week, according to Baker Hughes.
The U.S. offshore-rig count rose 2 rigs from last week to 21, down one rig year over year.
On Friday, crude-oil prices eased, biting into gains for the week, as traders parsed inventory data and look to the global oil cartel to extend a production-cut deal later this month. U.S. oil prices recently slipped 0.9%, to $47.41 a barrel
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(END) Dow Jones Newswires
May 12, 2017 13:40 ET (17:40 GMT)