03:47 PM EDT, 08/16/2024 (MT Newswires) -- The number of oil rigs in the US fell by two for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil slipped to 483 from 485 on a weekly basis. The tally for gas rose by one to 98, while miscellaneous rigs dropped by one to five. A year earlier, the US had 520 oil, 117 gas and five miscellaneous rigs in operation, company data showed.

Overall, 586 rigs were operating in the US this week, down from 642 a year earlier. Among US states, the rig count for Texas decreased by three, while Oklahoma's gained two.

Across North America, oil-and-gas rigs fell by two on a weekly basis at 803, compared with 831 at the same point last year. The count in Canada was flat at 217 rigs.

West Texas Intermediate crude oil was down 1.8% at $76.75 per barrel in Friday late-afternoon trade, while Brent declined 1.5% to $79.78 a barrel.

Earlier this week, the International Energy Agency said that global oil demand is set to rise by less than 1 million barrels per day in 2024, while the Organization of the Petroleum Exporting Countries pegged its demand growth forecast at 2.11 million barrels a day.

A slowdown in Chinese demand, especially the drop in July oil refinery output to the lowest level since 2022, has made the OPEC demand growth forecast "look too optimistic," though the IEA's estimate appears "more plausible," Saxo Bank said in a Friday note.

"With demand in doubt, crude prices are instead being supported by supply risks due to sustained Middle East tensions, including the risk of an Iranian attack on Israel, and Russia's ongoing war in Ukraine," Saxo Head of Commodity Strategy Ole Hansen wrote.

Price: 34.96, Change: -0.13, Percent Change: -0.36