Here comes the Baker Hughes rig count ...

The latest weekly rig count is set for release from oil driller Baker Hughes at 1:00 pm ET.

Last week, the number of US oil rigs declined by 41 to 825, the lowest since March 2011.

Combined oil and gas rigs fell to 1,069, the lowest since October 2009.

Since hitting a peak of 1,609 last October, the number of US oil rigs in use has declined by almost 50%, and Baker Hughes said back in January past downturns in oil prices have seen rig counts fall by 40%-60%.

Here's the chart of the decline in oil rigs as of last week, and we'll update the numbers as soon as they cross.

Business Insider, data via Baker Hughes