US oil rig count down for week ending March 3

The oil rig count in the US decreased by 8 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 592 for the week ending March 3.

The number of US oil rigs increased by 72 compared to one year ago.

At Friday’s trading close, the price of international benchmark Brent crude stood at $85.83 per barrel, while American benchmark West Texas Intermediate (WTI) was at $79.68 a barrel.