U.S. Oil Rig Count Falls By Seven, Baker Hughes Says
The number of rigs drilling for oil in the U.S. fell by seven in the past week to 522, 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, low oil prices put downward pressure on production and the rig count receded. The rig count level has generally been trending upward since the summer.
Written by Joshua Jamerson