03:36 PM EDT, 10/25/2024 (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 tally for oil rigs fell to 480 from 482 on a weekly basis, while gas added two rigs to 101. Miscellaneous rigs were unchanged at four. A year earlier, the US had 504 oil, 117 gas and four miscellaneous rigs in operation, company data showed.

Overall, 585 rigs were operating in the US this week, down from 625 a year earlier. Among US states, Louisiana lost two rigs, while Pennsylvania lost one. The tally rose by one each in New Mexico, Ohio, and Oklahoma.

Across North America, oil and gas rigs decreased by one to 801 from a week earlier and were down from 821 a year earlier. The count in Canada dropped by one to 216 rigs.

West Texas Intermediate crude oil was up 2.3% at $71.81 a barrel in Friday late-afternoon trade, while Brent jumped 2.2% to $76 a barrel. Both were on track for weekly gains.

"Traders were kept on edge by simmering tensions in the Middle East ahead of a planned resumption in Gaza ceasefire talks," D.A. Davidson said in a Friday note to clients.

Discussions regarding a potential hostage and ceasefire deal in Gaza are likely to resume over the weekend, but there's a low likelihood of a breakthrough before the US presidential election, CNN reported, citing unnamed sources.

The election is scheduled for Nov. 5.

On Wednesday, government data showed commercial crude stockpiles in the US climbed more than expected last week.

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