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U.S. Oil-Rig Count Fell by Two in Latest Week

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The number of rigs drilling for oil in the U.S. fell by two in the past week to 748, according to oil-field services company Baker Hughes Inc.

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 over the past year.

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