The oil rig count in the US has declined for the eighteenth consecutive 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, fell by 1 to 180 for the week ending July 17, from 181 the previous week.
Over the past 18 weeks, the decline in the oil rig count totaled 503, the data showed.
At Friday's close, price of international benchmark Brent crude stood at $43.12 per barrel, while American benchmark West Texas Intermediate (WTI) was at $40.59 a barrel.
By Gulsen Cagatay