Just after 1:00 p.m. ET, oil driller Baker Hughes will release its latest tally of US oil and gas rigs.
Last week, the oil-rig count fell by 9 to 555, the lowest level since the week of June 4, 2010. The gas rig dropped by 4, bringing the total rig count to 744.
But the big oil story on Friday is the outcome of OPEC’s meeting in Vienna. The group decided to keep production levels unchanged to try and maintain its market share.
West Texas Intermediate crude oil futures in New York fell below by about 3%, and below $40 per barrel to as low as $39.61.