04:26 PM EST, 11/27/2024 (MT Newswires) -- The number of oil rigs in the US fell by two during five days through Wednesday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil slid to 477 from Friday's 479 tally. Gas added one rig to 100, while the number of miscellaneous rigs remained unchanged at five. The US had 505 oil, 116 gas, and four miscellaneous rigs in operation a year earlier, Baker Hughes' ( BKR ) data showed.

Overall, 582 rigs were operating in the US as of Wednesday, down from 625 a year earlier. Among US states, Wyoming lost a rig at 18 from Friday's level.

Across North America, oil and gas rigs rose by three at 787, compared with Friday's tally, while the count in Canada rose by four to 205 rigs.

West Texas Intermediate crude oil and Brent were virtually flat by Wednesday afternoon at $68.76 and $72.26 a barrel, respectively.

"Israel and Hezbollah announced a 60-day ceasefire agreement and plans to discuss a longer-lasting peace agreement," ING Bank wrote in a Wednesday note. "The oil market is assessing the new dynamics and how it impacts the other ongoing conflicts in the region."

The market is also awaiting this weekend's meeting of the Organization of the Petroleum Exporting Countries and its allies to see whether it will further delay plans to increase production, ING said. "Any premature production hike from the group could push the market into deeper oversupply," according to the brokerage.

Crude prices are stuck near key support levels as markets evaluate the growth and demand outlooks for 2025, Saxo Bank said in a Wednesday report.

The Energy Information Administration reported Wednesday that commercial crude stockpiles in the US fell more than projected last week.