The oilfield services giant Baker Hughes will release its weekly tally of US oil and gas rigs at the top of the hour.
The oil rig count fell for a third straight period last week, by 10 to 545, the lowest since the week of June 4, 2010. The gas rig count rose by 3 to 292.
Crude oil prices hit new lows earlier on Friday, as everything continues to indicate that oil producers are pumping relentlessly. OPEC’s output hit a three-year high last month, while the International Energy Agency came out with a report today saying that the global supply glut would continue in 2016.
West Texas Intermediate crude oil futures in New York were down about 3%, and fell to as low as $35.59 per barrel, the weakest level in seven years.
We’ll have the latest rig-count data just after 1 p.m ET, so refresh this page for updates. Meanwhile, here’s the most recent oil rig chart: