03:30 PM EST, 01/10/2025 (MT Newswires) -- The number of oil rigs in the US fell by two during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil moved down to 480 rigs from 482 on a weekly basis, while gas lost three rigs to 100. The miscellaneous component held steady at four rigs. The US had 499 oil, 117 gas, and three miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed.

Overall, 584 rigs were operating in the US as of Friday, down from 619 a year earlier.

Among US states, top producer Texas lost three rigs on a weekly basis to 282, while the count in Colorado and Utah fell by one each.

Across North America, oil and gas rigs jumped by 117 week over week to 800, down from 832 a year earlier. The count in Canada surged by 122 to 216 rigs, led by oil.

West Texas Intermediate crude oil was up 3.8% at $76.71 a barrel in Friday late-afternoon trade, while Brent rose 3.7% to $79.80 a barrel. Both are up more than 3% each so far this month.

On Friday, the US Department of the Treasury announced further sanctions against Russia by targeting its oil production and exports. This could boost crude demand from certain producers in the Middle East, led by Saudi Arabia, Saxo Bank said in a report published Friday.

Saxo Head of Commodity Strategy Ole Hansen attributed oil price gains so far this year to increased fuel demand in the winter, especially in the US amid "an exceptionally cold" January.

"Fundamental support (for prices) at the beginning of 2025 has also come from the potential for the Trump administration to impose additional sanctions on Iran," Hansen said.

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