Here comes the Baker Hughes rig count ...

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

Last week, the number of US oil rigs in use rose by 2, the fifth straight week of increases.

US oil rigs in use now total 674, which is still down from a peak of 1,609 in October 2014.

The decline in oil rig count, however, has stabilized, though the price of oil still remains highly volatile.

On Friday, West Texas Intermediate crude oil prices were up as much as 5% after a 10% rally on Thursday. These moves, however, followed an early week crash that sent oil to fresh post-financial crisis lows.

Here's the latest oil rig count chart, which will be updated as soon as the numbers cross.

Andy Kiersz/Business Insider