By Patrick Thomas
The number of rigs drilling for oil in the U.S. rose by six in the past week to 770, according to oil-field services company Baker Hughes, a GE Company.
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 fell sharply. The oil-rig count has generally been rising since the summer of 2016.
The nation's gas-rig count declined by four to 165 in the past week, according to Baker Hughes.
The U.S. offshore-rig count increased by two from last week at 27 rigs, which is six more than a year ago.
Oil prices were 0.31% higher at $54.64 a barrel in afternoon trading Friday.
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