The oil rig count in the US increased 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, increased by 5 to 246 for the week ending Dec. 4, from 241 the previous week.
Correspondingly, this marks a drop of 417 in the number of US oil rigs compared to one year ago.
At Friday's trading close, the price of international benchmark Brent crude stood at $49.05 per barrel, while American benchmark West Texas Intermediate (WTI) was at $46.09 a barrel.
By Firdevs Yuksel