03:57 PM EDT, 09/27/2024 (MT Newswires) -- The number of oil rigs in the US dropped by four for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The tally for oil decreased to 484 from 488 on a weekly basis, while gas added three rigs to 99. Miscellaneous rigs were unchanged at four. A year earlier, the US had 502 oil, 116 gas and five miscellaneous rigs in operation, company data showed.

Overall, 587 rigs were operating in the US this week, down from 623 a year earlier. Among US states, top producer Texas added one rig to 277, while New Mexico lost two.

Across North America, oil-and-gas rigs increased by six on a weekly basis to 805, compared with 814 at the same point last year. The count in Canada grew by seven at 218 rigs, largely due to a gain in oil.

West Texas Intermediate crude oil was up 0.9% at $68.28 a barrel in Friday late-afternoon trade, while Brent rose 0.8% to $71.64 a barrel, but both were on track for weekly losses.

"Price declines accelerated after a Financial Times report suggested Saudi Arabia might abandon its price-targeting strategy and increase output -- a major shift from (the Organization of the Petroleum Exporting Countries and its allies') previous efforts to cut production and support prices," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report published Friday.

Market focus has shifted from improved demand to concerns regarding additional supply from Libya and possibly Saudi Arabia, according to the report. "With Brent crude failing to break above $75 earlier in the week, the market outlook remains short-term bearish," Hansen wrote.

On Wednesday, government data showed that commercial crude stockpiles in the US posted a bigger draw than expected last week.

Price: 35.86, Change: +1.08, Percent Change: +3.12