The latest count of US oil and gas rigs will cross at the top of the hour.
Last week, data from driller Baker Hughes showed that the number of oil rigs in operation fell by 13 to 646, the lowest level since August 13, 2010. In the prior week, the count fell by just one.
Combined oil and gas rigs fell by 10 to 875.
Ahead of the data, West Texas Intermediate crude oil was slightly lower at around $US57.86 per barrel.
The US benchmark slid this week from above $US61.
Goldman Sachs had identified $US60 per barrel as a price level around which producers would ramp up production, as they are “increasingly comfortable at the current costs/revenue/funding mix.”
On Friday, Saudi Arabia oil minister Ali Al-Naimi confirmed that 12-member oil cartel OPEC is maintaining its production target at 30 million barrels per day. This was widely expected by market participants.
Here’s the latest chart of the plunge we’ve seen for over three months now: