03:53 PM EDT, 07/18/2025 (MT Newswires) -- The number of oil rigs in the US dropped by two in the week through Friday, data compiled by energy services company Baker Hughes ( BKR ) showed.

The count for oil fell to 422 rigs from the previous week's 424, while the tally for gas rigs increased by nine to 117. Miscellaneous rigs' count was unchanged five.

The US had 477 oil, 103 gas and six miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 544 rigs were operating in the US, up from 537 the week before but down from 586 a year earlier. Among US states, New Mexico added four rigs, while Texas lost two.

Across North America, the oil and gas rig count increased by 17, with Canada adding 10 to its tally totaling 172.

West Texas Intermediate crude oil slipped 0.1% to $67.47 a barrel in Friday late-afternoon trade, while Brent dropped 0.2% to $69.35 a barrel. WTI is down 1.5% on the week so far, while Brent has fallen 1.4%, following two consecutive weekly gains for the two crude benchmarks.

The European Union has adopted a new set of sanctions against Russia, including reducing the price cap for the country's crude oil to $47.6 per barrel from $60, the Council of the EU announced Friday. "Oil exports still represent one third of the Russian government's revenues," according to the EU Council.

Earlier in the week, President Donald Trump reportedly said the US will impose "very severe tariffs" on Russia in the absence of a peace deal with Ukraine in 50 days.

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