Oilfield services giant Baker Hughes will release its weekly data on US oil and gas rigs at the top of the hour.
Last week, the oil rig count slumped by 21 to 524, the biggest drop in two months.
The gas rig count fell 7 to 185, and the total rig count was 709, down by 28.
Ahead of the data, crude oil prices were rebounding a bit from the lowest levels since early 2009. West Texas Intermediate crude futures in New York rose 1% to as high as $35.56 per barrel, after falling to about $34.39 earlier on Friday.
At their lowest levels on Friday, oil prices were down about 20% since OPEC’s December 4 meeting when it maintained its production target.
Since then, data from the Energy Information Administration and others have shown that US oil inventories and output continue to be robust.
We’ll have the latest rig-count data at the top of the hour. Meanwhile, here’s the most recent oil-rig-count chart: