Here comes the Baker Hughes rig count ...

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oil rig REUTERS/Balazs Koranyi

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

The tally of oil rigs, which plunged with oil prices in 2014, rose by eight to 591 last week. It was a fourth straight weekly rise that took the count more than 80% above the low reached in May 2016.

Four gas rigs were brought online, taking the total to 149. With one miscellaneous rig remaining in use, the total rig count was up 12 to 741.

US oil production remained steady even after the rig count began to fall, declining by only about 12% from the top to the bottom, according to Societe Generale. Oil watchers continue to wait and see whether US production hampers efforts by the Organization of Petroleum Exporting Countries (OPEC) and some non-members to reduce their output.

West Texas Intermediate crude oil - the US benchmark - was on pace to close lower for the first week in five ahead of the rig-count release.

More to come ...

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