Oil driller Baker Hughes will release the latest count of US oil and gas rigs around 1 p.m. ET.
Last week, the count of oil rigs in use rose by 5 to 664, the second straight weekly climb, and the fourth time in five weeks that the tally increased.
The number of natural gas rigs in use fell by 7, bringing the combined oil and gas count to 874 from 872.
This week, West Texas Intermediate crude oil futures slid to the lowest levels since March, and towards year-to-date lows, as concerns about oversupply and slowing demand persist. Ahead of the rig count release, WTI was down about 1% near $US44.22 per barrel in New York.
We’ll be back with the latest data once they cross. Here’s the most recent chart of the rig count, showing it’s perked up a bit after plunging for most weeks in the first half of the year.