Here comes the Baker Hughes rig count ...

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

The oil rig count has fluctuated in the last few weeks. It rose by the most in six months two weeks ago as crude oil prices above $50 per barrel encouraged some producers to bring rigs online.

The tally rose last week for a second straight period, by 10 to 351, and gas rigs fell by 1 to 88, taking the total up 9 to 440.

This is nothing close to a meaningful rebound, however. Goldman Sachs commodities researchers estimate that US production would be lower by 760,000 barrels per day year-on-year in Q4, assuming output stays at the current level.

More to come …

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