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.
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