The number of oil rigs in the U.S. dropped to 847 in the week ending Feb. 1, down by 15 over the previous week, according to data released by oilfield services company Baker Hughes on Friday.
Following the decrease in the oil rig count, crude oil prices showed gains in the global market on Friday, with international benchmark Brent crude closing at $62.98 per barrel while American benchmark West Texas Intermediate finished the day at $55.25 a barrel.
According to the data released by the U.S. Energy Information Administration on Wednesday, crude oil production in the country decreased by 2,000 barrels per day (bpd) to around 11.9 million bpd (mbpd) for the week ending Jan. 25.
The decline in crude production came from the state of Alaska. Output remained unchanged in other U.S. states excluding Hawaii.
This marked the 13th time crude oil production in the U.S. showed a decrease over the past 55 weeks.
The U.S.' crude oil production is expected to average 12.1 mbpd in 2019 and 12.9 mbpd in 2020, according to the EIA's Short Term Energy Outlook report for January.
By Hale Turkes