03:33 PM EDT, 08/30/2024 (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 two to 95 on a weekly basis, while miscellaneous rigs were unchanged at five. A year earlier, the US had 512 oil, 114 gas and five miscellaneous rigs in operation, company data showed.

Overall, 583 rigs were operating in the US this week, down from 631 a year earlier. Among US states, Pennsylvania lost three rigs, while Louisiana, Oklahoma and West Virginia added one each.

Across North America, oil-and-gas rigs fell by one on a weekly basis to 803, compared with 818 at the same point last year. The count in Canada increased to 220 rigs from 219 a week earlier.

West Texas Intermediate crude oil was down 3.3% at $73.39 a barrel in Friday late-afternoon trade, on track for a third straight weekly loss.

Markets will be focusing on whether the Organization of the Petroleum Exporting Countries and its allies will proceed with a production hike in October, "a decision that has been easier to 'sell' to the market during a time when Libya's political feuding threatens the return of oil supply chaos, with around 500,000 barrels a day already offline," Saxo Head of Commodity Strategy Ole Hansen said in a Friday report.

"Overall, the opposing forces between soft demand into the fourth quarter, Libya cuts and an OPEC+ increase will likely keep prices range-bound, with the upside limited for now," Hansen wrote.

On Wednesday, government data showed that commercial crude stockpiles in the US posted a smaller draw than estimated last week.

Price: 34.94, Change: -0.32, Percent Change: -0.91