The number of oil rigs in the U.S. marked its biggest monthly fall this month since March, according to data released by oilfield services company Baker Hughes on Friday.
The U.S.' oil rig count, which is an indicator of future crude oil production in the country, fell by a total of 34 during the month of August -- the highest monthly drop since March this year.
For the week ending Aug. 30, the number of oil rigs in the U.S. fell by 12 to reach 742 from 754 the week before.
This also marked the eighth time oil rig count in the country posted a decline in the past nine months, according to the data.
Despite the decline in the oil rig count, crude prices saw sharp decline on Friday as Hurricane Dorian is expected to hit the U.S. state of Florida during the weekend.
The international benchmark Brent crude fell 3.27% to close Friday at $59.08 per barrel, while American benchmark West Texas Intermediate lost 2.73% to finish the day at $55.16 a barrel.
By Ovunc Kutlu