03:49 PM EDT, 05/24/2024 (MT Newswires) -- The number of oil rigs in the US held steady this week, according to data compiled by energy services company Baker Hughes (BKR).

The weekly count for oil stayed at 497 week to week. The tally for gas rigs fell by four to 99 while miscellaneous rigs remained unchanged at four. A year earlier, the US had 570 oil, 137 gas and four miscellaneous rigs in operation, the company's data showed.

Overall, 600 rigs were operating in the US this week, down from 711 a year earlier. Among US states, top producer Texas lost three rigs at 287. West Virginia, Ohio and Oklahoma reported smaller declines, while Louisiana and New Mexico each added one, according to the report.

Across North America, oil-and-gas equipment advanced by two on a weekly basis to 720, compared with 798 at the same point last year. The count in Canada rose by six to 120 rigs, with a seven-rig increase to 64 in oil partially offset by a one-rig decline in gas.

West Texas Intermediate crude oil advanced 1.1% to $77.73 per barrel in Friday late-afternoon trade, while Brent edged up 0.9%. Both were on track for weekly declines.

Recent weakness in refinery margins and weaker time spreads in both WTI and Brent suggest "oil demand has hit a soft patch following a strong first quarter," Saxo Head of Commodity Strategy Ole Hansen said in a Friday note.

Hansen predicts demand will pick up in the coming months amid seasonal tailwinds and increased travel.

All eyes are on the Organization of the Petroleum Exporting Countries and its allies' June 2 meeting and how the cartel will respond to current trading prices, according to Saxo. Most OPEC+ members prefer prices closer to $90 instead of $80, Hansen said.