03:19 PM EDT, 05/31/2024 (MT Newswires) -- The number of oil rigs in the US slipped by one for the week ended May 31, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil fell to 496 from 497 the week earlier. The tally for gas rigs rose by one to 100 while miscellaneous rigs remained unchanged at four. A year earlier, the US had 555 oil, 137 gas, and four miscellaneous rigs in operation, the company's data showed.

Overall, 600 rigs were operating in the US this week, down from 696 a year earlier. Among US states, Louisiana and Pennsylvania each added one rig, while New Mexico and Oklahoma lost one each, according to the report. Top producer Texas' tally was unchanged.

Across North America, oil-and-gas equipment advanced by eight on a weekly basis to 728, compared with 793 at the same point last year. The count in Canada rose by eight to 128 rigs, with a 10-rig increase in oil partially offset by a two-rig decline in gas.

West Texas Intermediate crude oil declined 1.1% to $77.03 per barrel in Friday's late afternoon trade, while Brent fell 0.9% to $81.17 a barrel. Both were on course for the second consecutive month of declines.

Weakness in refinery margins and weaker time spreads in WTI and Brent suggest "oil demand has hit a soft patch following a strong first quarter," Saxo Bank Head of Commodity Strategy Ole Hansen said in a Friday note. "However, despite the current softness, we still see demand picking up in the coming months amid seasonal strong demand in the Middle East and Asia towards cooling, as well as the US summer holiday driving season, and strong demand for jet fuel."

The market focus now turns to the Organization of the Petroleum Exporting Countries and its allies' June 2 meeting and how the cartel will respond to trading prices, according to Saxo. Most OPEC+ members prefer prices closer to $90 instead of $80, Hansen said.

Price: 33.10, Change: +0.62, Percent Change: +1.91