home Production Baker Hughes Rig Count Drops by 8 as Oil Rallies

Baker Hughes Rig Count Drops by 8 as Oil Rallies

As oil prices bubbled up near the psychologically significant $50-per-barrel mark, Baker Hughes (BHGE) reported Friday that U.S. oil and gas producers took eight rigs offline during the past week, bringing the Houston oilfield services provider’s total count to 936.

Baker Hughes data showed the oil rig count decreased by seven week over week to 749, while the natural gas rig count fell by one to 186.

Meanwhile, the U.S. offshore rig count is up one week over week and down three year over year.

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