US oil rig count down for week ending May 5

The oil rig count in the US declined by 3 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 588 for the week ending May 5.

The number of US oil rigs increased by 31 compared to one year ago.

After recording the steepest decline of the last eight weeks, the price of international benchmark Brent crude stood at $75.37 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $71.32 a barrel.

• American benchmark West Texas Intermediate