02:25 PM EDT, 06/07/2024 (MT Newswires) -- The number of oil rigs in the US slipped by four for the week ended June 7, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil fell to 492 from 496 the week earlier. The tally for gas rigs fell by two to 98 while miscellaneous rigs remained unchanged at four. A year earlier, the US had 556 oil, 135 gas, and four miscellaneous rigs in operation, the company's data showed.

Overall, 594 rigs were operating in the US this week, down from 695 a year earlier. Among US states, Oklahoma lost four rigs, while top producer Texas' tally was unchanged.

Across North America, oil-and-gas equipment advanced by nine on a weekly basis to 737, compared with 831 at the same point last year. The count in Canada rose by 15 to 143 rigs, led entirely by oil.

West Texas Intermediate crude was little changed at $75.54 per barrel in Friday's afternoon trade, while Brent was down 0.3% to $79.63 a barrel. Both were on course for the third consecutive week of declines.

"Oil rose slightly with support from Saudi Arabia and Russia signaling readiness to halt or reverse output increases, while heading for a third weekly loss on demand concerns," DA Davidson said in a Friday note.

On Sunday, the Organization of the Petroleum Exporting Countries and its allies decided to extend certain production cuts through the end of 2025 and start unwinding some voluntary reductions later this year.

"The easing in oil prices will be a concern for OPEC+," ING said.

Price: 31.67, Change: -0.09, Percent Change: -0.27