03:14 PM EST, 12/27/2024 (MT Newswires) -- Commercial crude stockpiles in the US fell more than projected last week, while the number of oil rigs in the world's largest economy held steady.

Inventories of crude, excluding the Strategic Petroleum Reserve, declined 4.2 million barrels to 416.8 million barrels in the week ended Friday, the Energy Information Administration said. The consensus was for a decrease of 600,000, according to a Bloomberg poll. Inventories were 5% below the five-year average for this time of year.

Propane and propylene inventories dropped 4.5 million barrels, while distillate fuel stocks fell 1.7 million. Total motor gasoline stocks increased by 1.6 million. Total commercial petroleum inventories were down 12.7 million, EIA data showed.

Gasoline production slightly increased to 9.9 million barrels a day. Distillate fuel output edged higher to 5.3 million b/d from 5.1 million.

West Texas Intermediate crude oil rose 1.3% to $70.50 a barrel Friday afternoon, while Brent added 1.2% at $73.69.

Separately, data compiled by energy services company Baker Hughes ( BKR ) showed the number of oil rigs operating in the US was unchanged at 483 in the week ended Friday from a week earlier. The counts for gas at 102 and miscellaneous rigs at four also were unchanged. The US had 500 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 622 a year earlier.

Among US states, top producer Texas lost one rig to 284 from a week earlier, while North Dakota added one.

Total rigs across North America fell 71 to 684 in the week with Canada dropping by the same number to 95.

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