Baker Hughes : U.S. Oil-Rig Count Grows by 12 in Latest Week, Baker Hughes Says

By Dave Sebastian

The number of rigs drilling for oil in the U.S. increased by 12 in the latest week to 258, according to oil-field services firm Baker Hughes.

The week's count was lower by 409 from the same period last year, Baker Hughes said Friday.

The gas-rig count in the U.S. rose by four to 79 from the prior week, and was down by 50 from the year-ago period, the company said.

The U.S. offshore-rig count stayed at 13, and was 10 lower from a year ago.

The U.S. oil-rig count is viewed as a proxy for activity in the sector. The metric last peaked at 1,609 in October 2014. It hit its most recent minimum of 172 in mid-August.

Global oil benchmark Brent crude was lower Friday at $50.03 a barrel. West Texas Intermediate crude, the U.S. price benchmark, traded at $46.61 a barrel.

Write to Dave Sebastian at [e-mail]

(END) Dow Jones Newswires

12-11-20 1333ET