The oil rig count in the U.S. showed a decline this week, according to data released by oilfield services company Baker Hughes on Friday.
The number of oil rigs in the country decreased by twenty one for the week ending Jan. 18, bringing the total count to 852 from 873 the week before, the data revealed.
Following the decrease in the oil rig count, crude oil prices showed gains in the global market on Friday, with international benchmark Brent crude closing at $62.62 per barrel while American benchmark West Texas Intermediate finished the day at $53.73 a barrel.
The U.S. Energy Information Administration (EIA) data showed Thursday that U.S. crude oil inventories decreased last week while crude oil production rose to sustain record high levels.
EIA data showed that commercial crude oil stocks decreased by 2.7 million barrels, to 437.1 million barrels for the week ending Jan. 11 while the market expectation was a decline of 1.3 million barrels.
The U.S.' crude oil production is expected to average 10.9 million bpd in 2018, and 12.1 million bpd in 2019, according to the EIA's Short-Term Outlook report for November.
By Muhsin Baris Tiryakioglu