03:44 PM EST, 02/28/2025 (MT Newswires) -- The number of oil rigs in the US decreased by two in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil fell to 486 rigs from 488 last week, while gas added three rigs to 102. The number of miscellaneous rigs were unchanged at five. The US had 506 oil, 119 gas and four miscellaneous rigs in operation a year earlier, the data showed.

Overall, 593 rigs were operating in the US as of Friday, down from 629 a year earlier. Among US states, top producer Texas added two rigs sequentially to 282, while Louisiana lost one rig.

Across North America, oil and gas rigs grew by five to 841 from a week earlier. The tally in Canada rose by four to 248, led by oil.

West Texas Intermediate crude oil was down 0.8% at $69.80 a barrel in late trading Friday, while Brent fell 1% to $72.85. Both were on track for a loss of more than 3.5% each for February.

The slump in oil prices is part of a broader decline in the overall energy sector, Saxo Bank said in a report published Friday.

There are concerns that a global trade war could result in "lower growth and with that demand for fuel products, at a time when (the Organization of the Petroleum Exporting Countries and its allies are) still undecided about crude oil production levels for April and beyond," Saxo Head of Commodity Strategy Ole Hansen said.

In addition, reports suggest that Iraq could soon resume oil exports from the semi-autonomous Kurdistan region via the Iraq-Turkey pipeline, according to Hansen.

On Wednesday, data from the Energy Information Administration showed that commercial crude stockpiles in the US posted a surprise draw last week.

Price: 44.58, Change: +1.00, Percent Change: +2.29