Here comes the Baker Hughes rig count ...

Baker Hughes will release its weekly count of US oil and gas rigs at 1:15 p.m. ET.

The decline in oil rigs leveled off last week, not declining for the first time in nine weeks. The oil rig count totaled 318, while the gas rig count fell by two to 85.

Combined, the count fell to a new record low of 404.

Earlier this week, crude oil prices rose above $50 per barrel for the first time in seven months amid supply disruptions in Nigeria and Canada. On Friday ahead of the data, West Texas Intermediate crude futures in New York were down 0.57% to $49.20.

Andy Kiersz/Business Insider