The number of active US rigs drilling for oil dropped five to 763 last week, according to energy services firm Baker Hughes.

There were 406 active oil rigs during the same week a year ago.

Drillers have added rigs in 56 of the past 64 weeks.

Natural gas rigs were down last week from 182 to 181.

The total active US rig count last week, including oil and natural-gas rigs, dropped by three to 946, Baker Hughes reported.