US oil rig count down by 7 for week ending May 3

The oil rig count in the US decreased by 7 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, down to 499 for the week ending May 3.

The number of US oil rigs decreased by 89 compared to one year ago.

The price of international benchmark Brent crude stood at $83.67 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $77.98 a barrel.