03:35 PM EDT, 08/02/2024 (MT Newswires) -- The number of oil rigs in the US held steady for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil remained unchanged at 482 on a weekly basis. The tally for gas fell by three to 98, while miscellaneous rigs were flat at six. A year earlier, the US had 525 oil, 128 gas and six miscellaneous rigs in operation, company data showed.

Overall, 586 rigs were operating in the US this week, down from 659 a year earlier. Among US states, the rig count for Texas fell by two, while Colorado, Louisiana and Pennsylvania lost one each.

Across North America, oil-and-gas rigs jumped by five on a weekly basis to 805, compared with 847 at the same point last year. The count in Canada increased by eight to 219 rigs, largely due to oil.

West Texas Intermediate crude oil was down 3.5% at $73.67 per barrel in Friday late-afternoon trade, while Brent was falling 3.2% to $77 a barrel. Both were on course for a fourth consecutive weekly decline.

"Signs of disappointing global fuel demand growth outweighed fears of supply disruptions from rising" Middle East tensions, D.A. Davidson wrote in a note.

Earlier this week, Iran accused Israel of assassinating Hamas leader Ismail Haniyeh in Tehran, and vowed to retaliate. As has been the case since October, "while tensions have built, it has had little to no impact on oil supply," ING said Friday.

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