03:46 PM EST, 01/31/2025 (MT Newswires) -- The number of oil rigs in the US increased by seven in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil grew to 479 rigs from 472 last week, while gas lost one rig to 98. Miscellaneous rigs were unchanged at five. The US had 499 oil, 117 gas and three miscellaneous rigs in operation a year earlier, the data showed.

Overall, 582 rigs were operating in the US as of Friday, down from 619 a year earlier. Among US states, New Mexico added four rigs for the week, while North Dakota and Oklahoma gained one each.

Across North America, oil and gas rigs rose by 19 to 840 from a week earlier, while the count in Canada increased by 13 to 258, led by oil.

West Texas Intermediate crude oil was down 0.4% at $72.42 a barrel in late trading Friday, while Brent fell 0.5% to $75.55. Both were on track for a second straight weekly drop.

US President Donald Trump will implement 25% tariffs on Mexico and Canada, as well as a 10% levy on China this weekend, CNBC reported Friday, citing White House Press Secretary Karoline Leavitt.

Crude oil has surrendered most of its gains from earlier this month amid demand concerns tied to Trump's plans for tariffs, Saxo Bank said in a report published Friday.

"Prices began reversing lower after Trump declared a 'national energy emergency' in order to unleash new oil and gas production across the nation," Saxo Bank Head of Commodity Strategy Ole Hansen said. "However, considering that the energy sector is not state-controlled and is heading for its worst (fourth-quarter) earnings decline in years, the appetite for 'drill, baby, drill' is likely to be limited," Hansen wrote, referring to Trump's stance on increasing production.

In the short term, Saxo Bank expects the market to assess the impact of a potential global trade war and reduced crude supply from sanctioned nations.

Price: 46.21, Change: +1.61, Percent Change: +3.60