03:38 PM EDT, 05/03/2024 (MT Newswires) -- The number of oil rigs operating in the US decreased by seven this week, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil dropped to 499 from 506, while gas lost three rigs week to week at 102, Baker Hughes ( BKR ) said Friday. The miscellaneous tally grew by two to four. A year earlier, the US had 588 oil, 157 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 605 rigs were operating in the US this week, down from 748 a year earlier. Among US states, top producer Texas lost five rigs to 292 and Alaska also lost five. The count ticked up in Louisiana and New Mexico, according to the report.

Across North America, oil-and-gas equipment dropped by six on a weekly basis to 725, compared with 841 at the same point last year. The count in Canada advanced by two to 120 rigs, with its oil tally rising by four to 60 and gas losing two at 60.

West Texas Intermediate crude oil fell 1.1% to $78.10 per barrel in Friday late-afternoon trade, while Brent dipped 0.7%, both on course for weekly declines.

"Oil prices are heading for their steepest weekly decline in three months on demand uncertainty, as rates are expected to stay higher for longer, and easing tensions in the Middle East reducing supply risks," Saxo Bank's Ole Hansen, head of commodity strategy, said in a Friday note.

The correction gained momentum on Wednesday, Hansen said, when the US Energy Information Administration reported that crude inventories climbed to a June high.

"While the increase was in line with seasonal trends it was another disappointing drop in implied gasoline demand to a 2020 low that caught the attention," he said. "Total demand for the three main fuels has seen a five-week decline to levels last seen in 2020 when the Covid-related shutdowns saw US and global demand temporarily collapse."

Price: 31.81, Change: +0.09, Percent Change: +0.27