The oil rig count in the U.S. showed an increase this week, according to oilfield services company Baker Hughes data on Friday.
The number of oil rigs in the country rose by three for the week ending July 27, the data showed.
This brought the total number of oil rigs in the U.S. to 861 this week, from 858 the week before.
With the rise in oil rig count, crude prices showed decline on Friday.
International benchmark Brent crude fell to $73.88 per barrel at 1:05 p.m. EST (1705 GMT), while American benchmark West Texas Intermediate declined to $68.33 a barrel at the same time.
The U.S. Energy Information Administration (EIA) data showed Wednesday that crude oil production in the country increased by 18,000 barrels per day (bpd) to 11 million bpd for the week ending July 20.
This marked the 26th weekly increase in crude oil production during the past 28 weeks in the U.S.
The U.S. crude oil production is expected to average 10.8 million bpd this year, and 11.8 million bpd next year, according to the EIA's Short-Term Energy Outlook for July.
By Ovunc Kutlu in New York
Anadolu Agency
energy@aa.com.tr