The number of active drilling rigs in the United States decreased by eight this week to 1,046, or 96 more than that this time last year, showed weekly data released by Baker Hughes on Friday.

The Houston-based oilfield services company reported that the number of active oil rigs fell by five to 858 this week with more than half of oil rigs, or 476, were located in the Permian Basin region of western Texas and southeastern New Mexico. Meanwhile the number of gas rigs dipped by two, hitting 187 and one of two miscellaneous rigs also was taken out of service this week.

Oil prices were lifted on Friday as data showed that US energy companies this week cut oil rigs by the most since March and as US dollar declined against other major currencies.

The West Texas Intermediate (WTI) for August delivery added $1.00 to settle at $70.46 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased $0.49 to close at $73.07 a barrel on the London ICE Futures Exchange. 

Cover image: VCG