US oil rig count down by 2 for week ending Aug 16

The oil rig count in the US decreased by 2 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 483 for the week ending Aug 16.

The number of US oil rigs fell by 37 compared to one year ago.

The price of international benchmark Brent crude stood at $79.75 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $76.65 a barrel.