At 1:o0 p.m. ET, oil driller Baker Hughes will release the latest weekly data on US rig counts.
Last week’s data showed the number of active rigs fell by 26 to 734 in the previous week, the lowest count since November 2010.
Ahead of the release, West Texas Intermediate crude oil fell by as much as 1% to about $US57 per barrel. WTI rallied to a high of the year on Thursday, and has held above $US50 per barrel throughout April.
The number of active rigs keeps plunging, and Morgan Stanley has said that the count will bottom in about three months, based on their study of previous periods when rig counts declined.
Here’s the latest chart showing the decline. We’ll be back with live updates when the numbers drop.