Here comes the Baker Hughes rig count ...

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

The oil rig count rose for a fourth straight period last week, by 14 to 371. The count has moved higher since mid-May, as rising oil prices preceding that period encouraged producers to bring rigs online.

Friday’s data come right after crude oil returned to a bear market — a 20% drop from recent highs — amid renewed concerns about the high level of US inventories.

The gas-rig count fell by one to 88, and miscellaneous rigs rose by two to three, taking the total up 15 to 462.

More to come …

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