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, rose by 7 to 531 for the week ending March 25 from 524 the previous week.
The number of US oil rigs rose by 207 compared to one year ago.
At Friday's trading close, the price of international benchmark Brent crude stood at $119.24 per barrel, while American benchmark West Texas Intermediate (WTI) was at $112.58 a barrel.
By Firdevs Yuksel