By Patrick Thomas
The number of rigs drilling for oil in the U.S. fell by three in the past week to 802, its lowest level since March 2018, 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 rose by two to 185 in the past week, according to Baker Hughes.
The U.S. offshore-rig count also rose by two from last week to 22 rigs, which is three more than a year ago.
Oil prices were 0.16% higher at $62.77 a barrel in afternoon trading Friday.
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