03:33 PM EDT, 05/10/2024 (MT Newswires) -- The number of oil rigs operating in the US decreased by three this week, according to data compiled by energy services company Baker Hughes ( BKR ) .

The weekly count for oil dropped to 496 from 499 week to week, while gas added one rig at 103, Baker Hughes ( BKR ) said Friday. The miscellaneous tally remained unchanged at four. A year earlier, the US had 586 oil, 141 gas and four miscellaneous rigs in operation, the company's data showed.

Overall, 603 rigs were operating in the US this week, down from 731 a year earlier. Among US states, top producer Texas lost three rigs at 289 and Oklahoma lost two. The count ticked up by one in Louisiana, New Mexico and Utah, according to the report.

Across North America, oil-and-gas equipment dropped by six on a weekly basis to 719, compared with 825 at the same point last year. The count in Canada fell by four to 116 rigs, driven by a decline in gas rigs as its oil tally remained unchanged.

West Texas Intermediate crude oil fell 1.1% to $78.34 per barrel in Friday late-afternoon trade, while Brent slid 1.2%.

"While geopolitical risk has been the main topic of discussion surrounding crude prices as of late, we can't ignore that the physical market has continued to look softer over recent weeks," RBC Capital Markets said in a note emailed Friday.

The Energy Information Administration's report on Wednesday showed a 1.4 million barrel draw in commercial crude stocks last week. That went against expectations for another build, helping buoy sentiment this week, Australia and New Zealand Banking Group said.

Price: 32.42, Change: -0.37, Percent Change: -1.11