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U.S. Oil and Gas Rig Counts Fall

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The number of rigs drilling for oil in the U.S. fell this week by eight to 729, Baker Hughes, a GE company, reported.

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. It has generally been rising over the past year.

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