The number of oil rigs in the U.S. posted their seventh weekly decline in a row, according to data released by oilfield services company Baker Hughes on Friday.
Oil rig count in the U.S., which indicates short-term production for near future, decreased by five to reach 663 for the week ending Dec. 6, from 668 in the previous week, the data showed.
While this marked the seventh consecutive week of decline in the oil rig number, it also showed a 24.4% decrease year-over-year when oil rig count stood at 877 at the same time last year, according to the data.
With decline in oil rig count, coupled with OPEC deepening its output cut, crude prices showed gains on Friday.
International benchmark Brent crude rose 1.55% on Friday, while American benchmark West Texas Intermediate increased 1.2%, according to official figures.
By Ovunc Kutlu in Vienna