03:40 PM EST, 01/03/2025 (MT Newswires) -- The number of oil rigs in the US decreased by one during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil moved down to 482 rigs from 483 on a weekly basis, while gas added one rig to 103. The miscellaneous component held steady at four rigs. The US had 501 oil, 118 gas, and two miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed.

Overall, 589 rigs were operating in the US as of Friday, down from 621 a year earlier.

Among US states, top producer Texas added one rig on a weekly basis to 285, while Louisiana lost one rig.

Across North America, oil and gas rigs fell by one week over week to 683, down from 746 a year earlier. The count in Canada declined by one to 94 rigs.

West Texas Intermediate crude oil was up 1.3% at $74.07 a barrel in Friday late-afternoon trade, while Brent rose 0.9% to $76.61 a barrel. Both were on track for back-to-back weekly gains.

Crude will likely be excluded from President-elect Donald Trump's potential tariffs on products from Mexico and Canada, UBS Securities said in a note e-mailed Friday.

A 25% tariff on crude from those two markets would make the US "a lot more dependent" on the Organization of the Petroleum Exporting Countries, the brokerage wrote. "Growing Canadian crude production has significantly lowered US dependence on OPEC barrels, and this is a positive trend that we believe Trump would not likely want to reverse," UBS said.

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