Here Comes The Baker Hughes Rig Count ...

The Baker Hughes weekly rig count is set for release at 1:00 pm ET. 

This report shows the number of oil and gas rigs in use in the US and Canada and has become a more closely watched data point as the price of oil has crashed over the last several months.

In December, the US has seen the number of oil and gas rigs in use decline each week as oil prices have continued to tumble. Last week, oil rigs in use fell by 17. 

On Friday, West Texas Intermediate crude oil prices were near $47.50 a barrel, falling about $2 from highs hit overnight ahead of the December jobs report.

The latest jobs report, however, wasn't all bad news for the oil industry, as the number of jobs in the petroleum and coal products industry rose by 2,000 in December. 

Here's the latest Baker Hughes oil and gas rig count chart, and this will be updated as soon as the live numbers hit.

Business Insider