03:25 PM EST, 02/14/2025 (MT Newswires) -- The number of oil rigs in the US rose by one in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil advanced to 481 rigs from 480 last week, while gas also added one to 101. Miscellaneous rigs were unchanged at six. The US had 497 oil, 121 gas and three miscellaneous rigs in operation a year earlier, the data showed.

Overall, 588 rigs were operating in the US as of Friday, down from 621 a year earlier. Among US states, top producer Texas added two rigs sequentially to 280, while the count in Louisiana and North Dakota fell by one each.

Across North America, oil and gas rigs decreased by two to 833 from a week earlier. The tally in Canada dropped by four to 245, led by oil.

West Texas Intermediate crude oil was down 0.8% at $70.69 a barrel in late trading Friday, while Brent fell 0.5% to $74.68. WTI crude futures were on track for a fourth straight weekly loss, while Brent was on course to snap a three-week losing streak.

Earlier this week, the International Energy Agency said that global oil demand growth is projected to accelerate to 1.1 million barrels per day in 2025 from 870,000 barrels a day last year. Supply will likely increase by 1.6 million barrels per day to 104.5 million barrels a day this year, according to the IEA's most recent oil market report.

The Organization of the Petroleum Exporting Countries on Wednesday maintained its global oil consumption projections for 2025 and 2026, while flagging uncertainty from the impact of potential tariffs.

On Thursday, President Donald Trump signed a memorandum ordering the development of a plan to impose "reciprocal tariffs" on other countries. "Reciprocal tariffs will bring back fairness and prosperity to the distorted international trade system and stop Americans from being taken advantage of," the White House said in a statement.

The Trump administration is seeking a "comprehensive report" on each trading partner by April, ING Bank said in a report published Friday.

"The outcome is likely to be perhaps some eye-wateringly large tariffs against some of the key countries with which the US runs a goods deficit," ING wrote. "The (European Union) will certainly be in the cross-hairs since it looks like Trump is using the threat of tariffs as leverage against the EU's digital service tax."

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