The number of rigs drilling for oil in the U.S. fell by five in the past week to 743. The number of rigs drilling for oil in the U.S. fell by five in the past week to 743, according to oil-field services company Baker Hughes Inc. BHGE -0.56% 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, but last week, the count declined by two. The nation’s gas-rig count fell by two to 185 in the past week, according to Baker Hughes.