The number of oil rigs in the United States rose by one to stand at 487 in the week ending March 14, according to the Baker Hughes weekly rig count released on Friday. The rig count dropped by 23 on an annual basis.

The country's gas rig count decreased by one to 100 in the reported week, slipping by 16 from the same period in 2024. The total number of rigs in the US stood at 592, unchanged from the previous week and down by 37 from the same period in the previous year.

In Canada, the total number of rigs fell by 35 on a weekly basis to reach 199. The number of oil rigs in the country declined by 31 to stand at 139, while the number of gas rigs in Canada was down by four from the week prior to reach 60.