04:03 PM EDT, 03/28/2025 (MT Newswires) -- The number of oil rigs in the US decreased by two during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil dropped to 484, while gas added one rig to 103. Miscellaneous rigs were unchanged at five. The US had 506 oil, 112 gas and three miscellaneous rigs in operation a year earlier, the data showed.

A total of 592 rigs were operating in the US as of Friday, compared with the previous week's tally of 593 and last year's 621.

Among US states, New Mexico and Pennsylvania lost one rig each to 101 and 14, respectively, while Ohio added one to 10.

Across North America, the oil and gas rigs count fell by 18 on a weekly basis to 755, with Canada's tally down by 17 at 163.

West Texas Intermediate crude oil dropped 0.9% to $69.29 a barrel in late afternoon trading on Friday, while Brent edged down 0.1% to $72.67. Both were headed for their third weekly gains in a row, with WTI up 1.3% on the week and Brent rising 0.6%.

Still, tariff-related demand concerns remain, D.A. Davidson said in a note.

Earlier this week, President Donald Trump said that the US will impose 25% tariffs on countries that purchase oil and/or gas from Venezuela, effective April 2. Separately, the White House announced 25% duties on imported passenger vehicles and certain auto parts.

"The market remains cautious about softer demand and rising supply," ING Head of Commodities Strategy Warren Patterson said.

The Organization of the Petroleum Exporting Countries and its allies are scheduled to increase monthly production by 138,000 barrels per day starting in April, ING said. Some OPEC members will reduce output to compensate for prior higher production.

"The cuts, if implemented, will help offset the production hikes and balance the market in the immediate term," Patterson said.

Price: 42.93, Change: -0.71, Percent Change: -1.62