The U.S. oil-rig count rose by nine to 325 in the latest reporting week, according to oil-field services company Baker Hughes Inc., BHI 0.74 % an uptick that comes amid a broader trend of declines. The number of U.S. oil-drilling rigs, viewed as a proxy for activity in the sector, has fallen sharply since oil prices began to tumble in 2014. The number of oil rigs in the U.S. peaked at 1,609 in October 2014. According to Baker Hughes, the number of U.S. gas rigs fell by five in the latest week to 82. The U.S. offshore-rig count was 21 in the latest week, down three from last week and down six from a year earlier. Oil prices fell further below the key $50 threshold Friday, as weaker-than-expected U.S. jobs data lowered expectations for […]

Posted in: USA