By Allison Prang
The number of rigs drilling for oil in the U.S. fell by four in the past week to 738, according to oil-field services company Baker Hughes, a GE Company.
The U.S. oil-rig count typically is 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 generally has been rising since the summer of 2016.
The nation's gas-rig count fell by two to 160, according to Baker Hughes.
The U.S. offshore-rig count is the same as last week at 28, which is nine more than a year ago.
The price of West Texas Intermediate crude was 0.6% higher at $56.66 a barrel in afternoon trading Friday.
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