03:41 PM EST, 11/08/2024 (MT Newswires) -- The number of oil rigs in the US held steady in the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The counts for oil, gas, and miscellaneous rigs were unchanged at 479, 102, and four, respectively, on a weekly basis. The US had 494 oil, 118 gas, and four miscellaneous rigs in operation a year ago, Baker Hughes' ( BKR ) data showed.

Overall, 585 rigs were operating in the US this week, down from 616 a year earlier. Among US states, the tally for top producer Texas was flat at 281 sequentially, while the count in Louisiana fell by three. Oklahoma added two rigs.

Across North America, oil and gas rigs decreased by six to 792 from a week earlier and were down from 815 a year earlier. The count in Canada dropped by six to 207 rigs on a weekly basis.

West Texas Intermediate crude oil was down 2.6% at $70.49 a barrel in Friday's late afternoon trade, while Brent fell 2.2% to $73.98 a barrel. Both were still on course for a weekly gain.

Prices decreased as supply concerns tied to Hurricane Rafael in the US Gulf of Mexico eased, Reuters reported.

Donald Trump's victory in Tuesday's US presidential election triggered "some major moves across different asset classes, including commodities," Saxo Bank said in a Friday note.

The Organization of the Petroleum Exporting Countries and its allies, dubbed OPEC+, may face increased challenges in 2025 amid Trump's "drill, baby drill" stance and a weak economic outlook, Saxo Bank Head of Commodity Strategy Ole Hansen wrote.

"These developments will likely lead to production outstripping demand, leaving limited room for increased production from OPEC+ producers, many of whom are facing growing government deficits and need to generate revenue, putting pressure on the group's ability to hold together, especially if some members continue to produce more than agreed," Hansen said.

Price: 42.74, Change: -0.36, Percent Change: -0.84