03:50 PM EDT, 08/23/2024 (MT Newswires) -- The number of oil rigs in the US were unchanged at 483 for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The tally for gas fell by one to 97 on a weekly basis, while miscellaneous rigs were unchanged at five. A year earlier, the US had 512 oil, 115 gas and five miscellaneous rigs in operation, company data showed.

Overall, 585 rigs were operating in the US this week, down from 632 a year earlier. Among US states, top producer Texas added one rig, while North Dakota lost two rigs.

Across North America, oil-and-gas rigs rose by one on a weekly basis to 804, compared with 822 at the same point last year. The count in Canada increased to 219 rigs from 217 a week earlier.

West Texas Intermediate crude oil was up 2.6% at $74.93 a barrel in Friday late-afternoon trade, but was on course for a weekly loss.

"Falling product prices point to soft demand, potentially worsened by the prospect of an expected pickup in supply from non-(Organization of the Petroleum Exporting Countries) producers ahead of year-end," Saxo Head of Commodity Strategy Ole Hansen said in a Friday report. Weak refinery margins in the US and Europe and easing crude demand make it "increasingly unlikely" that OPEC+ will unwind voluntary production cuts in October, according to Hansen.

Federal Reserve Chair Jerome Powell said Friday that the "time has come" for the US central bank's monetary policy committee to start lowering its benchmark lending rate, though the timing and extent of future policy easing will depend on incoming data.

Price: 35.23, Change: +0.61, Percent Change: +1.76