Here comes the Baker Hughes rig count ...

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The latest rig count from oil driller Baker Hughes is set for release near the top of the hour.

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Last week, the number of oil rigs in use rose by 21, a big jump that was preceded by another drop in the rig count after a 27-week stretch of declines was snapped earlier this month.

On Friday, the price of West Texas Intermediate crude oil was down about 1.8% at around $47.60.

Last week, WTI fell into a bear market after stabilizing through late spring.

Here's the latest chart of the US rig count and we'll be back with an update when the number cross.

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Oil rigs 7 24 15

Andy Kiersz/Business Insider