The latest count of US oil and gas rigs is due from driller Baker Hughes at the top of the hour.
Last week, the number of oil rigs in operation fell for a 28th consecutive week, by four to 631, the lowest since August 6, 2010.
The combined count of oil and gas rigs fell by two to 857, the lowest level since January 17, 2003.
Ahead of the data, West Texas Intermediate crude oil was lower but little changed, at around $US59.53 per barrel.
In the most recent “Weekly Oil Rig Monitor,” Goldman Sachs researchers wrote about last week’s data: “Of note, the total oil rig count posted modest upticks in the Permian and Bakken shale plays. Despite this decline, we believe that should WTI prices remain near $US60/bbl, US producers will ramp up activity given improved returns with costs down nearly 30% and producers increasingly comfortable at the current costs/revenue/funding mix.”
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