The number of oil rigs in the U.S. dropped to 833 for the week ending March 15, down by one over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
Despite the slight decrease in the oil rig count, an indicator of crude oil production, oil slumped on the global market on Friday, with international benchmark Brent crude closing at $67 per barrel, with a 0.22 percent decrease compared to Thursday, while American benchmark West Texas Intermediate finished the day at $56.56 a barrel, with a 0.20 percent fall over the same period.
The decision to lower crude production by Saudi Arabia-led OPEC and Russia-led non-OPEC on Dec. 7 has been trimming some of the glut of supply in the global oil market and pushing prices higher.
In addition, U.S. sanctions on Venezuela and Iran continue to curtail crude oil supplies on the global market.
By Gulsen Cagatay