Here comes the Baker Hughes rig count ...
David McNew/Getty
An offshore oil rig is seen in the Catalina Channel where rare and endangered blue whales are feeding about 11 miles off Long Beach Harbor July 16, 2008 near Long Beach, California.
Last week, the oil rig count rose by 7 to 414, logging an increase for the 10th week in 11.
The gas-rig count increased by four to 92. With miscellaneous rigs unchanged at two, the total rig count rose by 11 to 508.
Analysts have cited the recent gain in the oil-rig count as one sign that the market may remain oversupplied for a while longer. In a note last week Friday, Morgan Stanley's Head of Energy Commodity Research Adam Longson wrote that his team's conviction in a rebalancing by mid-2017 was falling, in part due to the activation of rigs.
Ahead of the release, West Texas Intermediate crude oil futures in New York were down 2% to $42.95 per barrel. Earlier this week, the International Energy Agency said it expected the oil market to remain oversupplied for longer than it had forecast.
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