03:40 PM EDT, 08/08/2025 (MT Newswires) -- The number of oil rigs in the US increased by one in the week through Friday, data compiled by energy services company Baker Hughes ( BKR ) showed.

The count for oil rose to 411 rigs from the previous week's 410, while the tally for gas dropped by one to 123. Miscellaneous rigs' count decreased by one to five.

The US had 485 oil, 97 gas and six miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 539 rigs were operating in the US, compared with 540 the week before and 588 a year earlier. Among US states, Texas lost two rigs, while Oklahoma added two.

Across North America, the oil and gas rig count rose by two to 719, as Canada's tally increased by three to 180.

West Texas Intermediate crude oil fell 0.2% to $63.76 a barrel in Friday late-afternoon trade, while Brent rose 0.2% to $66.58 a barrel. Both benchmarks were on track for weekly losses, with WTI sliding 5.3% and Brent down 4.1% on the week.

US Special Envoy Steve Witkoff met Russian President Vladimir Putin in Moscow on Wednesday, and later suggested that US President Donald Trump may meet with Putin as early as next week, Reuters reported Friday.

While it's unclear if Ukrainian President Volodymyr Zelenskyy will participate in the meeting, such development could affect secondary tariffs on India, ING Bank said in a note on Friday.

Trump recently announced an additional 25% tariff on imports from India in response to the Asian country's continued purchasing of sanctioned Russian oil.

"It is important to note that (Trump's) deadline for a Russia-Ukraine peace deal expires (on Friday), leaving open the risk that the US will still tighten sanctions against Moscow," ING said.

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