US oil rig count down for week ending July 7

The oil rig count in the US decreased by 5 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 540 for the week ending July 7.

The number of US oil rigs declined by 57 compared to one year ago.

The price of international benchmark Brent crude stood at $78.47 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $73.86 barrel.