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.

As of last week, shale drillers continued to ramp up demand oilfield-services equipment, returning the tally of oil rigs to the highest level in one year.

The oil-rig count rose for a 10th straight period last week, by four to 529. The gas-rig count increased by three to 135. With one miscellaneous rig remaining in use, the total count rose by seven to 665.

This renewed confidence could make US shale drillers the swing producers of the global oil market. If the Organization of Petroleum Exporting Countries follows through on its agreement to lower output, strong US production could undermine much higher oil prices could fall. The agreement kicked in on January 1, and so there's still no robust proof of compliance.

Crude oil prices were lower on Friday, with West Texas Intermediate crude futures - the US benchmark - down by 0.8% to $52.59 ahead of the rig count. WTI was on pace for its first weekly decline in five weeks.