By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by 14 in the past week to 719, its lowest level in more than two years, 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 fell by five to 148 rigs, according to Baker Hughes.
The U.S. offshore-rig count was down one from last week at 25 rigs, which is five more than a year ago.
Oil prices were 1.32% higher at $58.96 a barrel in afternoon trading Friday.
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