Here comes the Baker Hughes rig count ...

Oil driller Baker Hughes will release the latest weekly tally of oil and gas rigs just after 1:00 p.m. ET.

Last week, oil rigs climbed for a fourth straight week, by 2 to 672. The gas rig count dropped 2 to 211, and the overall tally was unchanged at 884.

Crude oil is at a fresh six-year low. On Friday, West Texas Intermediate crude oil futures in New York fell 3% to as low as $US40.05 per barrel.

As oil hovers over $US40 per barrel, markets remain sensitive to any signals that the supply glut is worsening.

We’ll be back at the top of the hour with the latest rig count data and the oil price reaction. Here’s last week’s chart, showing that the oil rig count is perking up; the count has climbed in six out of the last seven weeks.

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