03:57 PM EDT, 09/13/2024 (MT Newswires) -- The number of oil rigs in the US increased by five for the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The tally for oil grew to 488 from 483 on a weekly basis, while gas added three rigs to 97. Miscellaneous rigs were unchanged at five. A year earlier, the US had 515 oil, 121 gas and five miscellaneous rigs in operation, company data showed.

Overall, 590 rigs were operating in the US this week, down from 641 a year earlier. Among US states, Louisiana, Oklahoma and Wyoming added three rigs each, while the count in California and Pennsylvania fell by two each.

Across North America, oil-and-gas rigs increased by six on a weekly basis to 808, compared with 831 at the same point last year. The count in Canada fell by two at 218 rigs.

West Texas Intermediate crude oil up 0.3% at $69.19 a barrel in Friday late-afternoon trade, while Brent rose 0.2% to $72.08 a barrel, both on track for weekly gains. Both WTI and Brent slid Tuesday.

"Crude prices continued a rebound from a three-year low, despite the (International Energy Agency) warning that global oil demand growth is slowing sharply due to China's cooling economy," Saxo Bank said in a report published Friday.

On Thursday, the IEA cut its global oil demand growth outlook for this year, driven by weakness in China. On Tuesday, the Organization of the Petroleum Exporting Countries reduced its 2024 and 2025 global oil demand projections.

"A general supportive risk-on sentiment, combined with hurricane disruptions in the US, (are) both supporting a fresh round of short covering, with $75 the key level to watch in Brent," Saxo Bank wrote.

Price: 33.23, Change: -0.06, Percent Change: -0.18