03:39 PM EDT, 03/28/2024 (MT Newswires) -- The number of oil rigs operating in the US decreased by three this week, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil dropped to 506 from 509, while the gas and miscellaneous rig tallies were unchanged at 112 and three, respectively, Baker Hughes ( BKR ) said Thursday. A year earlier, the US had 592 oil, 160 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 621 rigs were operating in the US this week, down from 755 a year earlier. Among US states, top producer Texas lost four rigs to 290, Louisiana's count slipped by three, and Colorado's declined by one.

Across North America, oil-and-gas equipment slid by 21 on a weekly basis to 772, compared with 894 at the same point last year. The count in Canada fell by 18 to 151 rigs, with its oil tally dropping by 16 to 75.

West Texas Intermediate crude oil was up 2.1% at $83.08 in Thursday late afternoon trade.

Supply side issues are in focus ahead of a meeting by the Organization of the Petroleum Exporting Countries' joint monitoring ministerial committee next week, Australia and New Zealand Banking Group said in a note.

"While expectations of the group recommending any change to its supply policy are not high, any signs of members not adhering to current production quotas will be seen as a bearish sign," ANZ wrote. Geopolitical tensions in the Middle East remain elevated in the absence of a ceasefire agreement between Hamas and Israel, it added.

On Wednesday, data from the Energy Information Administration showed that commercial crude stockpiles in the US increased by 3.2 million barrels to 448.2 million barrels through the week ended March 22. The consensus estimate on Bloomberg was for a decline of 700,000 barrels.

Price: 33.66, Change: +0.57, Percent Change: +1.72