03:56 PM EDT, 08/01/2025 (MT Newswires) -- The number of oil rigs in the US dropped by five in the week through Friday, data compiled by energy services company Baker Hughes ( BKR ) showed.

The count for oil dropped to 410 rigs from the previous week's 415, while the tally for gas rigs rose by two to 124. Miscellaneous rigs' count increased by one to six.

The US had 482 oil, 98 gas and six miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 540 rigs were operating in the US, compared with 542 the week before and 586 a year earlier.

Among US states, Texas lost four rigs, while New Mexico added three.

Across North America, the oil and gas rig count fell by seven, with Canada's tally down by five to 177.

West Texas Intermediate crude oil fell 2.9% to $67.25 a barrel in Friday late-afternoon trade, while Brent declined 3% to $69.52 a barrel. Both benchmarks are on track for weekly gains after two consecutively weekly losses, with WTI up 3.3% and Brent up 2.9% on the week.

Eight members of the Organization of the Petroleum Exporting Countries and its allies -- a group called OPEC+ -- are scheduled to hold their monthly meeting on Sunday to decide on September production levels.

The group comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman is expected to boost output by up to 548,000 barrels per day, completing the unwinding of 2.2-million barrels per day of production cuts, Reuters reported Friday.

After that meeting, the OPEC+ will likely "hit the pause button on additional output increases," RBC Capital Markets Head of Global Commodity Helima Croft said in a Friday note.

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