Here comes the Baker Hughes rig count …

Oil giant Baker Hughes will release its weekly data on US oil and gas rigs just after 1 p.m. ET.

Last week, the oil-rig count resumed its climb after a one-week pause. The number of active rigs totaled 407, with one rig brought online. This tally gained in nine out of 10 weeks as of last Friday.

The gas-rig count climbed by seven to 88, taking the total rig count, which includes two miscellaneous rigs, up by eight to 497.

In a note on Friday, Morgan Stanley analysts wrote that the recent gain in the US oil-rig count is one reason why they are losing conviction in their call for a re-balancing of the market by mid-2017.

“The US continues to surprise, and the market seems to be underestimating the impact of some rigs that have already been added,” Adam Longson and his team wrote.

Ahead of the rig-count data, crude oil was weaker alongisde stocks and global bonds. West Texas Intermediate crude futures fell nearly 3% to as low as $46.23 per barrel.

More to come …

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