03:55 PM EDT, 03/14/2025 (MT Newswires) -- The number of oil rigs in the US increased by one during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil rose to 487, while gas lost one rig to 100. Miscellaneous rigs were unchanged at five. The US had 510 oil, 116 gas and three miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, 592 rigs were operating in the US overall, unchanged from the previous week's tally and down from 629 a year earlier.

Among US states, New Mexico lost three rigs sequentially to 102, while Oklahoma added two to bring its count to 51.

Across North America, oil and gas rigs fell by 35 to 791, entirely driven by declines in Canada.

West Texas Intermediate crude oil was up 1% at $67.21 a barrel in late afternoon trading on Friday, while Brent rose 1% to $70.57.

WTI and Brent seemed on course to end the week little changed. WTI is up 0.2% so far this week. If that trajectory is sustained, it would mark the first weekly gain in eight weeks. Brent is 0.3% higher, its first weekly rise in four.

Russian President Vladimir Putin said Thursday that Moscow agrees in principle with the US' proposed ceasefire in Ukraine, but indicated reservations, "implying a lot of wood still needs to be chopped to reach any sort of conclusion," Tudor Pickering Holt said in a note.

Global oil supply is expected to exceed demand this year, while trade tensions are clouding the outlook, the International Energy Agency said Thursday.

Earlier this week, the Organization of the Petroleum Exporting Countries maintained its global oil demand projections for 2025 and 2026, while flagging mounting economic uncertainty.

Price: 42.80, Change: +1.06, Percent Change: +2.53