The number of oil and gas drilling rigs in the US fell by 4 to 546, down 39 rigs from last year at this time, or 6.6%, Baker Hughes said in its latest weekly report.

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The number of oil and gas drilling rigs in the U.S. jumped by 7 to 549, Baker Hughes reported Friday, the highest since June and rising for the fourth week in a row for the first time since February.

Despite a year-over-year decline, the North American drilling rig count increased by 7 this week, reaching 725. Oil rigs in Canada increased by 3, while the US added 2 oil-directed rigs. The drilling ...