The number of oil rigs in the U.S., which indicates the country's oil production, took another dip on Friday, resuming its decline in the past three months.
The oil rig count in the U.S. decreased by 10 for the week ending on Nov. 20 to reach 564, according to oilfield services company Baker Hughes data.
The week before, ending on Nov. 13, the number of oil rigs in the country rose by two to reach 574, thus ending the slump that had a total of 103 oil rigs taken offline in the previous 10 weeks.
The latest decline in rig count brought the total number of oil rigs in the U.S. decrease by 65 percent since October 2014 when the rig count was at its highest level with 1,609.
The number of oil rigs in the U.S. provides an indication about the well-being of the oil sector in the country, and signals possible short-term production cuts and increases.
Meanwhile, the decline in U.S. rig count had an upward pressure on oil prices on Friday.
The global benchmark Brent crude oil price rose 2.5 percent to reach as high as $45.49 per barrel, after it opened the day at $44.38 a barrel.
The American benchmark West Texas Intermediate increased 1.9 percent to climb as high as $42.73 a barrel, after it opened on Friday at $41.92 per barrel, according to official data.
However, the glut of oil supply remains in the market with strong crude inventories from the U.S.
Crude oil stocks in the U.S. increased for the eighth consecutive week ending Nov. 13, the U.S.' Energy Information Administration data revealed Wednesday.
Although the crude inventories rose relatively slower the latest week, by only 0.3 million barrels, or 0.1 percent, to reach 487.3 million barrels, the oversupply worries investors, and keeps the downward pressure on oil prices.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr