The oil rig count in the US decreased 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, decreased by 3 to 519 for the week ending March 4 from 522 the previous week.
The number of US oil rigs rose by 209 compared to one year ago.
At Friday's trading close, the price of international benchmark Brent crude stood at $118.03 per barrel, while American benchmark West Texas Intermediate (WTI) was at $115.03 a barrel.
By Sibel Morrow