Here comes the Baker Hughes rig count ...

The latest oil rig count is set for release from Baker Hughes at the top of the hour.

Last week, the number of oil rigs in use fell by 84 to 1,056, the lowest total count since August 2011. Since its peak of 1,609 hit in October 2014, the number of oil rigs in use in the US is down about 35%.

Baker Hughes said in its earnings release last month during the past three downturns, the number of rigs in use has declined by 40%-60%.

Combined oil and gas rigs plunged by 98 last week to 1,358, the lowest combined level since February 2010.

Here’s the latest chart showing the decline in US oil rig count, which will be updated as soon as the Baker Hughes data hits.

NOW WATCH: Nationwide’s Super Bowl commercial about dead children is about corporate profits … in a way that we can all appreciate

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 research.businessinsider.com.au.