Wall Street Journal / Biz - Money

U.S. Oil-Rig Count Falls by Three

The number of rigs drilling for oil in the U.S. fell by three in the past week to 756, according to oil-field services company Baker Hughes, a unit of General Electric.

By

Imani Moise

The number of rigs drilling for oil in the U.S. fell by three in the past week to 756, according to oil-field services company Baker Hughes Inc., a unit of General Electric Co.

The U.S. oil-rig count is typically viewed as a proxy for activity in the sector. After the count peaked at 1,609 in October 2014, low oil prices put downward pressure on production and the number receded. However, the oil-rig count has generally been rising for the past year.

The nation’s gas-rig count grew by four to 187 in the past week, according to Baker Hughes.

The U.S. offshore-rig count held steady from last week at 16, which is down two rigs year over year.

Oil prices fell on Friday as uncertainty gripped the market over the potential impact of Hurricane Irma as it approached the Florida. U.S. crude-oil prices fell 3.2% to $47.54 a barrel in afternoon trading.

Write to Imani Moise at imani.moise@wsj.com

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