The number of U.S. rigs drilling for oil fell for the first time three weeks as production continued to increase and prices were hit by concerns about a slowing global economy.
In its weekly report, Baker Hughes said the number of active oil rigs was down five in the past week to 788. A year ago, 863 rigs were at work.
The number seeking gas increased by one to 174. That was down from 187 a year ago.
At 963, the combined count is down four from a week ago and 89 from the same week a year ago.
The Houston oilfield services provider usually reports Friday, but issued its numbers ahead of the July 4 holiday.
By state, the week’s biggest loss was in Oklahoma, where drillers took five rigs offline. That left 97 at work there. Louisiana lost four, to 68, and Texas shut down one, to 463.
New Mexico gained three to make 102 rigs at work there, Alaska gained two to nine, and West Virginia added one to 22.
By major basin, the West Texas-New Mexico Permian Basin added two to 443 and the Northeast’s Marcellus Shale gained one.
The East Texas-Louisiana Haynesville Shale lost two to 51, and reflecting Oklahoma’s losses, that state’s Cana Woodford lost two to leave 47 at work.
Despite the decline from year-ago rig numbers, U.S. production is almost 1.2 million barrels per day higher year over year.
For the year, the U.S. Energy Information Administration is projecting crude output will rise to 12.32 million barrels per day, up from the annual record of 10.96 million barrels per day last year.
Oil prices climbed Friday, supported by U.S. tensions with Iran and a decision by OPEC and its allies to extend an output supply cut deal until next year. But mixed economic data limited the rally.
U.S. crude was up 15 cents to $57.49 a barrel about 90 minutes before Friday’s close, and Brent crude, the international benchmark, was up $1.08 to $63.48.
Both benchmarks were on track to record weekly losses as economic concerns outweighed risks to supply. Those included a protracted trade war between the U.S. and China that has dampened prospects for global growth and demand.