02:26 PM EDT, 07/26/2024 (MT Newswires) -- The number of oil rigs in the US increased by five for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil grew to 482 from 477 a week earlier. The tally for gas fell by two to 101, while miscellaneous rigs were unchanged at six. A year earlier, the US had 529 oil, 128 gas and seven miscellaneous rigs in operation, company data showed.

Overall, 589 rigs were operating in the US this week, down from 664 a year earlier. Among US states, Oklahoma added two rigs, while Alaska and North Dakota added one each.

Across North America, oil-and-gas rigs jumped by 17 on a weekly basis to 800, compared with 857 at the same point last year. The count in Canada increased by 14 to 211 rigs, largely due to oil.

West Texas Intermediate crude oil was down 1% at $77.47 per barrel in Friday late-afternoon trade, on course for a weekly decline.

Over the weekend, US President Joe Biden dropped out of the presidential race and endorsed Vice President Kamala Harris as the Democratic Party's nominee for president, likely competing with former president Donald Trump.

"If Trump becomes president, his policies are likely to be neutral to slightly bullish for the oil market," Australia and New Zealand Banking Group said in a note. "He would likely water down the Inflation Reduction Act, jeopardizing the growth in renewable energy and electric vehicles."

The firm said any slowdown in the uptake of EVs is expected to result in demand for oil remaining higher for longer. "However, fears of a supply surge are unwarranted," ANZ wrote. "His policies are unlikely to incentivize new exploration. Instead, US oil supply is likely to stagnate due to economic considerations."

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