03:35 PM EST, 12/20/2024 (MT Newswires) -- The number of oil rigs in the US rose by one during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil moved up to 483 rigs from 482 on a weekly basis, while gas lost one rig to 102. The miscellaneous component held steady at four rigs. The US had 498 oil, 120 gas, and two miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed.

Overall, 589 rigs were operating in the US as of Friday, down from 620 a year earlier.

Among US states, top producer Texas added one rig on a weekly basis to 285, while New Mexico lost one rig.

Across North America, oil and gas rigs fell by 25 week over week to 755, down from 766 a year earlier. The count in Canada declined by 25 to 166 rigs.

West Texas Intermediate crude oil was down 1.6% at $69.43 a barrel in Friday late-afternoon trade, while Brent was little changed at $72.88 a barrel. Both were on track for weekly losses.

Oil prices dropped amid concerns regarding next year's global demand growth, D.A. Davidson said in a note to clients.

Earlier this month, the Organization of the Petroleum Exporting Countries cut its 2024 and 2025 global oil demand projections for the fifth consecutive month after certain members of the OPEC and its allies, dubbed the OPEC+, extended oil production cuts.

On Wednesday, government data showed that commercial crude stockpiles in the US fell less than projected last week.

Price: 40.16, Change: +0.36, Percent Change: +0.90