Here comes the Baker Hughes rig count...

Oilfield services giant Baker Hughes will be out with the latest rig count at 1 p.m. ET.

Last week, the US oil rig count rose by three to 428, while the gas rig count fell by two to 94.

Miscellaneous rigs rose by one to two, taking the total up two to 524.

Oil prices have ticked up slightly over the last couple of weeks to around $50 a barrel. WTI crude oil is down by 0.7% at $50.09 a barrel, while Brent crude oil is down by 0.7% at $51.66 a barrel as of 12:25 p.m. ET.

There's usually a lag between when oil prices rise and when drillers bring rigs back online. As of last week, the rig count has not dropped for 15 straight weeks, likely reflecting producers' growing confidence as oil prices stopped tumbling.

In the meantime, here's last week's chart: