Here comes the Baker Hughes rig count ...

The latest update on US oil drillers in use from Baker Hughes is set for release near the top of the hour.

Last week, the number of rigs in use fell for the fourth straight week to 640. Almost exactly one year ago, the number of rigs in use peaked at 1,609.

Ahead of the report, crude oil prices were little changed, sitting at around $US44.50 a barrel in New York.

Here’s last week’s chart of the rig count, which collapsed over the last year as the price of oil crashed, and this will be updated as soon as the numbers cross.

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