03:52 PM EDT, 07/19/2024 (MT Newswires) -- The number of oil rigs in the US dropped by one for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil fell to 477 from 478 a week earlier. The tally for gas rose by three to 103, while miscellaneous rigs were flat at six. A year earlier, the US had 530 oil, 131 gas and eight miscellaneous rigs in operation, company data showed.

Overall, 586 rigs were operating in the US this week, down from 669 a year earlier. Among US states, Texas' rig count was unchanged at 276, while Louisiana lost two rigs.

Across North America, oil-and-gas rigs rose by 10 on a weekly basis to 783, compared with 856 at the same point last year. The count in Canada rose by eight to 197 rigs.

West Texas Intermediate crude oil declined 3.2% at $78.71 per barrel in Friday late-afternoon trade, while Brent was down 2.8% to $82.69 a barrel. Both were on course to report a second consecutive week of losses.

"The oil market is once again relatively rangebound," ING said in a Friday note.

"To the upside, growing Chinese demand concerns are capping the market, following a raft of data earlier this week suggesting a softer demand picture," ING Head of Commodities Strategy Warren Patterson wrote. "To the downside, expectations of a tight market through the third quarter continue to provide a floor to prices."

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