04:08 PM EDT, 04/12/2024 (MT Newswires) -- The number of oil rigs operating in the US decreased by two this week, according to data compiled by energy services company Baker Hughes ( BKR ) , while crude oil prices rose as geopolitical risks remained elevated.

The weekly count for oil slipped to 506 from 508, while gas lost one at 109, Baker Hughes ( BKR ) said Friday. The miscellaneous rig tally remained unchanged at two. A year earlier, the US had 590 oil, 158 gas and three miscellaneous rigs in operation, the company's data showed.

Overall, 617 rigs were operating in the US this week, down from 751 a year earlier. Among US states, top producer Texas lost three rigs to 294 while New Mexico gained one.

Across North America, oil-and-gas equipment rose by two on a weekly basis to 758, compared with 878 at the same point last year. The count in Canada advanced by five to 141 rigs, with its oil tally dropping by five to 70 while gas held steady at 71.

West Texas Intermediate crude oil was up 0.5% at $85.48 per barrel in Friday late afternoon trade but on course for a weekly decline.

"Oil is up on a report that a strike by Iran against Israel is likely into this weekend," Scotiabank said in a report.

Crude oil prices have gained almost 19% this year amid improving fundamentals, Australia and New Zealand Banking Group said in a note. With the Organization of the Petroleum Exporting Countries and its allies continuing to restrain supply, prices should see continued support in the coming months, it wrote.

Inventories of crude, excluding the strategic petroleum reserve, advanced by 5.8 million barrels to 457.3 million barrels through the week ended April 5, the Energy Information Administration said Wednesday. The consensus estimate compiled by Bloomberg was for a build of 800,000 barrels.

"The rise in US inventories last week raised some concern about demand in the short term," according to ANZ.

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