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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: oilbabe who wrote (52747)	10/10/1999 12:07:00 PM
From: oilbabe	Respond to of 95453

Baker Hughes Says Weekly U.S. Rig Count Rose 1.5 Percent Houston, Oct. 8 (Bloomberg) -- Baker Hughes Inc., the third- largest oilfield-services company, said the weekly number of working oil and natural-gas rigs in the U.S. rose 1.5 percent. The count rose 11 to 741. It's climbed since touching a more than 50-year low of 488 on April 23. The week's figure was 1.2 percent below the year-earlier level of 750. The Houston-based company's survey is a widely watched measure of drilling activity. Crude oil prices rallied in March after touching a 12-year low in December. Oil companies are beginning to boost spending as they gain confidence that prices will remain higher. The number of rigs operating in Canada for the week fell 4 to 289, while the number of rigs working in the Gulf of Mexico fell 1 to 111. Baker Hughes shares fell 5/16 to 26 5/8 in midafternoon trading.