The oil rig count in the US increased by 1 this week, according to the latest data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs, an indicator of short-term production in the country, increased by 1 to 460 for the week ending Oct. 23.
The number of US oil rigs increased by 40 compared to one year ago.
The price of international benchmark Brent crude futures stood at $116.72 per barrel at Friday’s close, while American benchmark West Texas Intermediate (WTI) was at $103.44. per barrel.