The oil rig count in U.S. increased this week, according to the latest data released Friday by oilfield services company Baker Hughes.
The number of oil rigs, an indicator of short-term production in the country, rose by one to reach 679 for the week ending Feb. 21, from 678 the previous week.
This marked the third week in a row that the oil rig count in the U.S. showed an increase.
However, the oil rig count in the country is still 20.4% down year-over-year, which stood at 853 the same time a year ago.
At Friday's close, international benchmark Brent crude stood at $58.50 per barrel with a 1.37% daily loss, while American benchmark West Texas Intermediate ended the day at $53.38 a barrel with a 0.74% decline.
By Ovunc Kutlu