03:33 PM EST, 11/15/2024 (MT Newswires) -- The number of oil rigs in the US decreased by one in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil dropped to 478 from 479 on a weekly basis. Gas lost one rig to 101, while miscellaneous rigs increased by one to five. The US had 500 oil, 114 gas, and four miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed.

Overall, 584 rigs were operating in the US this week, down from 618 a year earlier. Among US states, top producer Texas lost two rigs to 279, while the tally fell by one each in Oklahoma and Utah. New Mexico added two rigs.

Across North America, oil and gas rigs decreased by eight to 784 from a week earlier and were down from 814 a year earlier. The count in Canada dropped by seven to 200 rigs on a weekly basis.

West Texas Intermediate crude oil was down 2.4% at $67.04 a barrel in Friday late-afternoon trade, while Brent fell 2% to $71.11 a barrel. Both were on track for weekly losses amid concerns around "waning" demand in China, D.A. Davidson said in a note to clients.

Earlier this week, the International Energy Agency increased its 2024 global oil demand outlook, but said consumption in China contracted for the sixth consecutive month in September. Separately, the Organization of the Petroleum Exporting Countries reduced its 2024 and 2025 global oil demand projections for the fourth straight month.

On Thursday, data from the Energy Information Administration showed commercial crude stockpiles in the US increased more than projected last week.

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