03:51 PM EDT, 03/22/2024 (MT Newswires) -- The number of oil rigs operating in the US fell by one this week, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil declined to 509 from 510, and the gas tally lost four to 112, Baker Hughes ( BKR ) said Friday. Miscellaneous rigs were flat at three. A year earlier, the US had 593 oil, 162 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 624 rigs were operating in the US this week, down from 758 a year earlier. Among US states, top producer Texas was unchanged at 294 while Louisiana's count slipped by four to 44 and New Mexico's declined by one to 106.

Across North America, oil-and-gas equipment plunged by 43 on a weekly basis to 793, compared with 923 at the same point last year. The count in Canada fell by 38 to 169 rigs, with its oil rig count dropping by 37.

West Texas Intermediate crude oil dipped 0.3% to $80.80 a barrel by late Friday afternoon.

"Crude oil was steady as a stronger US Dollar outweighed the optimism of rate cuts," Australia and New Zealand Banking Group said in a Friday note. Earlier this week, the Federal Reserve's Open Market Committee voted to keep interest rates unchanged but hinted at three rate cuts in 2024.

Earlier this week, the US Energy Information Administration reported a larger-than-expected 2 million barrel drop in crude inventories and a decline of 3.3 million barrels in motor gasoline.

"Crude oil inventories continue to fall, while Chinese buyers have been active since the Lunar New Year holiday," ANZ wrote. "This has been exacerbated by ongoing supply side issues."

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