Here comes the Baker Hughes rig count ...

Baker Hughes will release its weekly count of US oil and gas rigs just after 1 p.m. ET.

Last week, the oil-rig count fell for the first time in 11 weeks. The number of active oil rigs dropped by seven to a total of 522. One gas rig was added, taking that total to 136. The additional miscellaneous rig put the combined count at 659, down by six on net.

Schlumberger, the world's largest oilfield-services company, reported fourth-quarter results and an earnings loss on Friday. But the firm also signaled that it expects growth ahead with higher demand for its services from drillers.

"We expect the growth in investments to initially be led by land operators in North America, where continued negative free cash flows seem less of a constraint, as external funding is readily available and the pursuit of shorter-term equity value takes precedence over full-cycle return on investment," said CEO Paal Kibsgaard in the earnings statement.

Kibsgaard said he expects the balance of oil supply and demand to tighten as OPEC members follow their agreement to cut production.

More to come ...