The latest oil rig count from driller Baker Hughes is set for release at around 1:00 pm ET.
Last week, the number of active US oil rigs fell by 11, the 22nd straight week of declines though the pace of rigs shutting down has slowed in recent weeks.
Active US oil rigs totaled 668 last week, about 60% below the 1,609 oil rigs that were active at the peak in October 2014. This was the lowest rig count since September 2010.
Combined oil and gas rigs also fell by 11 last week to 894, the lowest combined total since June 2009.
On Friday, West Texas Intermediate crude oil was down as much as 2% to back below $US60, though oil prices are up about 40% from their March bottom.
Here’s the most recent chart, and we’ll be back with a live update when the numbers drop.