US oil rig count up for week ending June 16

The oil rig count in the US decreased by 4 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, fell to 552 for the week ending June 16.

The number of US oil rigs declined by 32 compared to one year ago.

The price of international benchmark Brent crude stood at $76.61 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $71.78 a barrel.