US oil rig count up for week ending June 9

The oil rig count in the US increased by 1 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, rose to 556 for the week ending June 9.

The number of US oil rigs decreased by 24 compared to one year ago.

The price of international benchmark Brent crude stood at $74.79 per barrel at Friday’s trading close, while American benchmark West Texas Intermediate (WTI) was at $70.11 a barrel.