The number of oil rigs in the U.S. increased by 18 this week, according to data released by oilfield services company Baker Hughes on Friday.
Number of oil rigs, which indicates short-term production for near future, increased by 18 to reach 685 for the week ending Dec. 20, from 667 in the previous week.
This marked the highest increase in the number of oil rig counts in the U.S. since February 2018, according to the data.
The rise in oil rig count was also the first double-digit increase since April this year, the data showed.
Despite the recent jump, the number of oil rigs in the U.S. is still 22.4% down year-over-year when it stood at 883 the same time a year ago.
With the sudden jump in oil rig count, crude prices showed some losses on Friday.
International benchmark Brent crude closed Friday at $66.04 per barrel with a 0.75% decline, while American benchmark West Texas Intermediate ended the day at $60.37 a barrel with a 1.4% daily loss.
By Ovunc Kutlu