Here comes the Baker Hughes rig count...

At 1:00 p.m. ET, oil driller Baker Hughes will release the latest count of US oil rigs.

Data released last Friday showed that the number of active rigs fell by 31 to 703, the lowest level since October 2010.

The number of combined oil and gas rigs fell by 22 to 932, the lowest level since July 2009.

It was the 20th straight week of declines.

Oil drillers have been shutting down less-efficient facilities to manage their resources better in the wake of the oil crash.

Crude oil prices held above $50 per barrel through April.

On Friday, West Texas Intermediate crude oil came within a dozen cents of touching $60 per barrel for the first time since last December. It later retreated by more than 1% to around $58.61.

Morgan Stanley has said that the count will bottom in about three months, based on their study of previous periods when rig counts declined.

We'll be back with the latest rig count numbers as soon as they cross.