Here comes the oil rig count...

At 1:00 p.m. ET, oil services company Baker Hughes will release its weekly count of active North American oil and gas rigs.

In the wake of falling oil prices, the number of US oil rigs has plummeted from 1,609 in October to just 922 last week.

We’ll update this post when the count is out at the top of the hour.

Here’s the chart of oil rig counts as of last week:

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