03:47 PM EDT, 03/15/2024 (MT Newswires) -- The number of oil rigs operating in the US rose by six this week, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil increased to 510 from 504, and the gas tally added one to 116, Baker Hughes ( BKR ) said Friday. Miscellaneous rigs were flat at three. A year earlier, the US had 589 oil, 162 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 629 rigs were operating in the US this week, down from 754 a year earlier. Among US states, top producer Texas added three rigs to 294, while New Mexico's tally increased by one to 107.

Across North America, oil-and-gas equipment dropped by 11 on a weekly basis to 836, compared with 961 at the same point last year. The count in Canada fell by 18 to 207 rigs, with the country's oil and gas counts each posting declines.

West Texas Intermediate crude oil slipped 0.3% to $81.02 a barrel by late Friday afternoon but was on course to post a weekly gain. Brent crude oil was down 0.2% at $85.28 per barrel but up 3.9% this week through late afternoon.

Brent broke above its tight price range of $81 to $84 a barrel amid signs of tightening market balance, Australia and New Zealand Banking Group said in a Friday note.

The International Energy Agency has "flipped its surplus market estimate to a marginal deficit," assuming the Organization of the Petroleum Exporting Countries and its allies extend additional voluntary cuts through 2024, according to ANZ. The IEA revised up its global oil demand growth estimate to 1.3 million barrels per day from 1.2 million barrels for this year due to a rebound in demand in the first quarter, ANZ wrote.

"Improving demand outlook also lent support as US oil refinery utilization is expected to pick up," ANZ said. "Refineries are coming online after shutting capacity in January due to winter freeze. European refinery margins are picking up as well amid tighter availability of oil products."

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