Mubasher: U.S. energy firms cut oil rigs for the seventh straight week, data showed on Friday.

Drillers removed 31 oil rigs in the week ended 5 February, bringing the total rig count down to 467, the least since March 2010, oil services company Baker Hughes Inc said in its closely followed report.

The companies continue to cut spending amid oil price tumble.

Prices of US crude futures reached $31 a barrel on Friday, and those of Brent amounted to $34, heading to close the week with losses.