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.
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.