The count for oil rose to 414 rigs from the previous week's 413, according to data from energy services company Baker Hughes (BKR). Gas rigs decreased by two to 127, while the miscellaneous rigs count remained at seven.
The US had 482 oil, 103 gas and four miscellaneous rigs in operation a year earlier. Among US states, New Mexico lost three rigs for the week, while top producer Texas added two.
Across North America, the oil and gas rig count was unchanged at 740, as Canada added one to 192, the data showed.
West Texas Intermediate crude oil was down 0.1% at $57.57 a barrel in Friday late-afternoon trade, while Brent fell 0.2% to $61. Both benchmarks were on track to post weekly losses of around 4% each, following two back-to-back weekly gains.
"Crude oil prices drifted lower as traders focused on the risk of a developing surplus in the coming months, with demand growth expectations failing to keep pace with rising supply," Saxo Bank Head of Commodity Strategy Ole Hansen said in a Friday report.
On Thursday, the International Energy Agency lowered its global oil supply growth estimates, while the Organization of the Petroleum Exporting Countries raised its liquids production outlook for this year.
"The sense that the market is well supplied, at least in the near term, continues to outweigh episodic geopolitical risk premiums," Hansen said Friday. "Venezuela and Russian supply remain key wildcards that could suffer further disruptions amid sanctions enforcement and tanker seizures."
Price: 46.65, Change: -0.81, Percent Change: -1.71
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