US Oil Rig Count Drops by Two, But Still Higher Than Last Year

The US oil rig count has dropped by two for the week ending July 24, according to data released by Baker Hughes on Friday.

The number of rigs now stands at 450, a decrease from last week's total. However, it's worth noting that this figure is still higher than it was one year ago, increasing by 35 compared to the same period in 2026.

The price of Brent crude futures closed at $96.78 per barrel on Friday, while WTI stood at $85.88 a barrel.