03:57 PM EDT, 04/04/2025 (MT Newswires) -- The number of oil rigs in the US increased by five during the week ended Friday, according to data compiled by energy services company Baker Hughes ( BKR ) .

The count for oil rose to 489, while gas lost seven rigs to 96. Miscellaneous rigs were unchanged at five. The US had 508 oil, 110 gas and two miscellaneous rigs in operation a year earlier, the data showed.

A total of 590 rigs were operating in the US as of Friday, compared with the previous week's tally of 592 and last year's 620.

Among US states, Texas lost three rigs to 277, while Pennsylvania added one to 15.

Across North America, the oil and gas rigs count fell by 12 on a weekly basis to 743, as Canada's tally dropped by 10 to 153.

West Texas Intermediate crude oil plunged 6.3% to $62.72 a barrel in late afternoon trading on Friday, while Brent slumped 5.5% to $66.31. Both measures slid more than 6% each on Thursday, putting WTI on course for a 9.4% drop on the week and Brent down 8.8%. This would mark the first weekly loss for both in four weeks.

"Oil prices have sold off heavily as the market deals with a potential demand hit from tariffs and a surprise supply increase from" the Organization of the Petroleum Exporting Countries and its allies, or the OPEC+, ING Head of Commodities Strategy Warren Patterson said.

Eight members of the OPEC+, including Saudi Arabia and Russia, said Thursday that they will raise combined output by 411,000 barrels per day next month, equivalent to three monthly increments.

Late Wednesday, President Donald Trump announced duties on imports from several countries, including China, which responded Friday with its own retaliatory tariffs of 34% on US products.

ING lowered its 2025 average Brent forecast to $72 a barrel from $74, with its fourth-quarter estimate moving down to $68 from $71.

"Current price levels mean it is unlikely that Trump is going to be successful in boosting domestic oil production," Patterson said. "US oil producers are price sensitive. If Trump wants higher US oil production, we will need higher oil prices."

Price: 35.37, Change: -5.50, Percent Change: -13.45

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.