03:41 PM EDT, 10/03/2025 (MT Newswires) -- The number of oil rigs in the US fell by two in the week through Friday, as crude prices headed for their biggest weekly losses since June ahead of a meeting among key oil producers to decide on a potential supply hike.

The count for oil declined to 422 rigs from the previous week's 424, according to data from energy services company Baker Hughes ( BKR ) . Gas added one rig to 118, while miscellaneous rigs rose by one to nine.

The US had 479 oil, 102 gas and four miscellaneous rigs in operation a year earlier. Among US states, top producer Texas lost two rigs, while the tally in Louisiana, New Mexico, Oklahoma and Utah rose by one each.

Across North America, the oil and gas rig count was unchanged at 739, with Canada's tally also steady, at 190, the data showed.

West Texas Intermediate crude oil was up 0.7% at $60.88 a barrel in Friday afternoon trade, while Brent rose 0.7% to $64.56 a barrel. Both price benchmarks, however, were on track for their biggest weekly losses since late June, with the WTI down 7.4% so far, while Brent has fallen 6.8%.

The Organization of the Petroleum Exporting Countries and its allies are set for a virtual meeting this Sunday, with the market abuzz about the possibility of a larger crude output increase in November than that announced for October.

"Crude oil and products remain under pressure this week, and while the prospect for additional OPEC+ supply dominated, a prolonged (US federal government) shutdown may hurt prices for fears of shrinking demand from slower economic activity," Ole Hansen, head of commodity strategy at Saxo Bank, said in a report Friday.

The government shutdown started Wednesday after US lawmakers failed to agree on a key spending bill, with no clear end in sight.

"While Brent's break below $65 was technically significant, opening the door to further downside, the so far limited response from traders potentially signaled selling fatigue and a belief the latest drop may dissuade OPEC+ from announcing a bumper increase next month," Hansen said.

Price: 48.68, Change: +0.28, Percent Change: +0.58