Here comes the Baker Hughes rig count ...

Baker Hughes will release its weekly count of US oil and gas rigs at 1 p.m. ET.

Last week, the tally of oil rigs increased by three to 477, lifting it to the highest level since the start of this year.

US oilfield services companies have seen stronger demand from producers, and this could continue. OPEC has agreed to its first output cut in eight years, and this already lifted oil prices. There are doubts about the implementation, but higher oil prices could continue to prompt more producers to bring rigs back online.

West Texas Intermediate crude oil futures were up 1.3% to $51.48 per barrel ahead of the release.

More to come …

NOW WATCH: Watch the Air Force drop 8 armoured Humvees out of a plane from 5,000 feet

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.