03:35 PM EDT, 05/09/2025 (MT Newswires) -- The number of oil rigs in the US decreased by five in the week through Friday, data compiled by energy services company Baker Hughes ( BKR ) showed.

The count for oil fell to 474 from last Friday's 479 tally, while gas remained at 101. Miscellaneous rigs decreased by one to three. The US had 496 oil, 103 gas and four miscellaneous rigs in operation a year earlier, the data showed.

A total of 578 rigs were operating in the US as of Friday, down from the previous week's tally of 584 and last year's 603.

Among US states, New Mexico lost four rigs, while Texas added two.

Across North America, the oil and gas rigs count fell by 12 on a weekly basis to 692, with Canada's tally dropping by six to 114.

West Texas Intermediate crude oil was up 1.9% at $61.03 a barrel in Friday afternoon trading, while Brent rose 1.8% to $63.94 a barrel. Both benchmarks were up more than 4% each so far this week.

"Oil prices gained and were poised for a weekly gain as trade tensions between top oil consumers China and the (US) showed signs of easing," D.A. Davidson said in a client note.

US and Chinese officials are scheduled to meet in Switzerland over the weekend to discuss economic and trade matters. President Donald Trump on Friday floated the idea of lowering tariffs on China to 80% from 145%.

"China should open up its market to USA -- would be so good for them," Trump separately said in a social media post on Friday.

On Thursday, Trump announced a trade deal with the UK. "Many trade deals in the hopper, all good (great!) ones," he said in a separate Friday post.

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