Baker Hughes: US oil rig count up by 6 to 324

During the same period, the number of US gas and miscellaneous rigs rose remained unchanged at 92 and 1 respectively, bringing the overall figure to 417. Compared to the same period a year earlier, the number of rigs is down by 311.

Meanwhile, in Canada, the total number of rigs decreased by 11 in comparison to the prior week, landing at 81. There were 10 fewer oil rigs, while the number of gas platforms decreased by 1. Year-on-year, the figure was up by 27.

Crude oil stockpiles in the United States increased by 1.9 million to 502.7 million barrels in the week ending March 19, the US Energy Information Administration said in its weekly report on Wednesday.

Meanwhile, crude oil imports averaged 5.6 million barrels per day last week, up by 0.3 million barrels compared to the previous week. Gasoline production averaged 8.6 million barrels per day, according to the report.

United States crude inventories increased last week, private data showed on Tuesday. According to media reports, the American Petroleum Institute (API) said in its weekly report that US crude stockpiles rose by 2.93 million barrels.

The report is also said to have shown a decrease of 3.72 million barrels in gasoline inventories and a 0.25 million rise in distillate stockpiles.