The number of oil rigs in the U.S. increased to 800 in the week ending May 31, up by 3 over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
The rise in weekly oil rig count, together with U.S. President Donald Trump's threats on Thursday to impose a 5 percent tariff on Mexican imports starting on June 10, pushed oil prices further down. International benchmark Brent crude closed Friday at $62.75 per barrel, marking a 4.86 percent fall over Thursday's closing price of $65.96.
American benchmark West Texas Intermediate was also down on Friday, closing at $53.24 a barrel versus $56.31 on the previous day.
Trump also threatened to increase the tariffs on all Mexican imports by another 5 percent each month for three months, up to 25 percent 'unless and until Mexico substantially stops the illegal inflow of aliens coming through its territory'.
By Hale Turkes