Here comes the Baker Hughes rig count ...

The weekly count of oil and gas rigs from driller Baker Hughes is set for release at the top of the hour.

The oil rig tally entered a renewed slump. The count fell for a seventh straight period last week, by 10 to 595, to the lowest level since July 2010.

The combined count of oil and gas rigs dropped by 8 to 787, the lowest level since May 2002.

Energy companies continue to report their quarterly results, and a number of them including Schlumberger and Halliburton have been bearish on the oil industry into next year.

On Friday afternoon in New York, West Texas Intermediate crude oil futures were down by about 1%, near $US44.89 per barrel.

We’ll be back with the latest rig count data once they cross.

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