03:49 PM EDT, 11/01/2024 (MT Newswires) -- The number of oil rigs in the US dropped by one in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The tally for oil fell to 479 from 480 on a weekly basis, while gas added one rig to 102. Miscellaneous rigs were unchanged at four. The US had 496 oil, 118 gas and four miscellaneous rigs in operation as of Nov. 3, 2023, company data showed.

Overall, 585 rigs were operating in the US this week, down from 618 a year earlier. Among US states, top producer Texas lost two rigs to 281 sequentially, while the count in Oklahoma fell by one. Pennsylvania and Utah added one rig each.

Across North America, oil and gas rigs decreased by three to 798 from a week earlier and were down from 814 a year earlier. The count in Canada dropped by three to 213 rigs on a weekly basis.

West Texas Intermediate crude oil was up 0.3% at $69.48 a barrel in Friday late-afternoon trade, while Brent rose 0.4% to $73.09 a barrel. Both were on course for a third consecutive daily gain, but were still down for the week.

"Oil prices extended gains after reports that Iran was preparing for a retaliatory strike on Israel from Iraq in the coming days," D.A. Davidson said in a note.

Iran may respond to Israel's recent attacks before the US presidential election that is scheduled for Tuesday, CNN reported, citing "a high-ranking source." An Israeli military source told the news outlet that the country is at a "high level of readiness" for an Iranian retaliation, according to the report.

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