US oil rig count down by 1 for week ending July 12

The number of oil rigs in the US decreased by 1 this week, oilfield services company Baker Hughes data showed Friday.

The number of oil rigs, an indicator of short-term production in the country fell to 478 for the week ending July 12.

The number of US oil rigs fell by 59 compared to one year ago.

The price of international benchmark Brent crude stood at $85.4 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $82.62 a barrel.

• American Benchmark West Texas Intermediate (WTI)