03:59 PM EDT, 06/27/2025 (MT Newswires) -- The number of oil rigs in the US fell by six in the week through Friday, while crude prices were on track for a sharp decline for the week in what would be the commodity's first drop in four weeks.

The count for oil dropped to 432 rigs from 438 last Friday, while gas lost two rigs to 109, data compiled by energy services company Baker Hughes ( BKR ) showed. Miscellaneous rigs increased by one to six.

The US had 479 oil, 97 gas and five miscellaneous rigs in operation a year earlier, the data showed.

As of Friday, a total of 547 rigs were operating in the US, down from 554 the week before and 581 a year earlier. Among US states, Wyoming lost five rigs on a weekly basis, while Colorado, Louisiana, and Oklahoma lost one each.

Across North America, the oil and gas rig count was down by six, while Canada's tally increased by one to 140.

West Texas Intermediate crude oil was down 0.3% at $65.08 a barrel in Friday late-afternoon trade, while Brent fell 0.4% to $66.41. WTI is down 13% on the week, while Brent has shed almost 12%.

"A US-brokered ceasefire (between Israel and Iran), which, while fragile, has so far held," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report. "With geopolitical fears fading, traders have refocused on market fundamentals, which continue to point to ample supply into the second half of the year."

The Organization of the Petroleum Exporting Countries and its allies on July 6 are expected to raise output by another 411,000 barrels per day from August, bringing announced increases in 2025 close to 1.8 million barrels per day, according to Hansen.

"This supply expansion comes at a time when the global macroeconomic outlook remains challenged -- not least due to the ongoing fallout from (US President Donald Trump's) aggressive trade stance, which continues to dampen demand prospects and weigh on broader sentiment," Hansen said.

Trump said Friday that the US was immediately terminating all trade discussions with Canada over Ottawa's digital services tax on American tech firms.

Price: 37.87, Change: -0.45, Percent Change: -1.19