The weekly count of US oil and gas rigs from driller Baker Hughes is due at the top of the hour.
Last week, the oil rig count fell by just one, the slowest pace in 24 weeks.
The price of West Texas Intermediate crude has rallied from the year-to-date low reached in May. On Friday, ahead of the rig count data, WTI was up more than 3%, pricing around $US59.61 per barrel.
The rally in oil prices may mean that the end of the plunge in rig counts is near.
Earlier this week, we highlighted comment from Goldman Sachs noting that last week’s drop was the “first sign” of a major shift in oil production. According to the strategists, $US60 per barrel is a level where producers are comfortable with ramping up production again.
Here’s the latest chart showing the plunge in the rig count. We’ll be back with numbers once they cross.