03:53 PM EST, 02/07/2025 (MT Newswires) -- The number of oil rigs in the US increased by one in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil grew to 480 rigs from 479 last week, while gas added two rigs to 100. Miscellaneous rigs rose by one to reach six. The US had 499 oil, 121 gas and three miscellaneous rigs in operation a year earlier, the data showed.

Overall, 586 rigs were operating in the US as of Friday, down from 623 a year earlier. Among US states, top producer Texas added one rig sequentially to 278, while Louisiana added two rigs. The count in Oklahoma fell by two for the week.

Across North America, oil and gas rigs decreased by five to 835 from a week earlier, while the count in Canada dropped by nine to 249, led entirely by oil.

West Texas Intermediate crude oil was up 0.6% at $71 a barrel in late trading Friday, while Brent rose 0.5% to $74.66. However, both were on course for a third consecutive weekly drop.

On Thursday, the US Treasury Department announced sanctions against an international network for allegedly facilitating Iranian crude oil shipments to China.

Earlier this week, the Organization of the Petroleum Exporting Countries and its allies stuck to the group's policy of gradually raising oil production from April, Reuters reported.

"Given all that has transpired in the past week, we think OPEC's Monday decision to stay the course and keep the current agreement intact seems exceptionally sound," RBC Capital Markets said in a note e-mailed Friday.

"While (US President Donald Trump) has repeatedly implored the group to produce more, it is hard to see what barrel deficit they may have to solve for, given (Trump's) stated desire to make a deal on both the Russia-Ukraine war and the Iranian nuclear standoff," the brokerage wrote.

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