03:53 PM EDT, 07/11/2025 (MT Newswires) -- The number of oil rigs in the US fell by one in the week through Friday, while crude prices were on track for their second consecutive weekly gains.

The count for oil dropped to 424 rigs from 425 the week before, while the tally for gas rigs held steady at 108, data compiled by energy services company Baker Hughes ( BKR ) showed. Miscellaneous rigs declined by one to five.

The US had 478 oil, 100 gas and six miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 537 rigs were operating in the US, down from 539 the week before and 584 a year earlier. Among US states, Oklahoma and Texas lost one each.

Across North America, the oil and gas rig count increased by nine, with Canada's tally up by 11 at 162.

West Texas Intermediate crude oil was up 3.1% at $68.63 a barrel in Friday late-afternoon trade, while Brent jumped 2.8% to $70.54 a barrel. WTI was up 2.4% on the week so far, while Brent has climbed 3.2%.

The Organization of the Petroleum Exporting Countries and its allies are considering pausing further production hikes from October, Bloomberg News reported Thursday, citing delegates familiar with the matter.

Certain members of the OPEC+ cartel recently announced a ramp-up of 548,000 barrels a day in output next month, which the International Energy Agency said Friday was larger than projected. That would effectively unwind 80% of the 2.2 million-barrel-a-day voluntary production cuts in place since 2023, the agency said.

The IEA on Friday reduced its global oil demand outlook for 2025 and 2026, while raising supply estimates.

Price: 40.56, Change: +0.84, Percent Change: +2.13