Here comes the Baker Hughes rig count ...

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

The oil rig tally rose for eight straight weeks through last week, the longest streak of this year. Producers put 10 rigs back online last week, taking the total to 406.

Over the last few weeks, the tally rose as crude oil prices rallied out of a bear market. Also, the largest oilfield services companies signalled that they anticipated a turnaround in the oil market during the second half of the year.

The gas rig count was unchanged at 83 last week, and so the total gained 10 to 491.

Ahead of the release, West Texas Intermediate crude oil futures in New York were little changed, up 0.02% to $47.37 per barrel. Earlier, prices fluctuated after reports that Yemen’s Houthi forces reportedly fired missiles targeting Saudi Aramco, the state-run oil company. The company said all its operations were going as normal.

More to come …

NOW WATCH: Forget the gross factor: There are serious health reasons for why you shouldn’t pick your nose

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at