Here comes the Baker Hughes rig count ...

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oil rig

REUTERS/Jim Urquhart

Oil giant Baker Hughes will release its weekly data on US oil and gas rigs just after 1 p.m. ET.

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Last week, the oil-rig count resumed its climb after a one-week pause. The number of active rigs totaled 407, with one rig brought online. This tally gained in nine out of 10 weeks as of last Friday.

The gas-rig count climbed by seven to 88, taking the total rig count, which includes two miscellaneous rigs, up by eight to 497.

In a note on Friday, Morgan Stanley analysts wrote that the recent gain in the US oil-rig count is one reason why they are losing conviction in their call for a re-balancing of the market by mid-2017.

"The US continues to surprise, and the market seems to be underestimating the impact of some rigs that have already been added," Adam Longson and his team wrote.

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Ahead of the rig-count data, crude oil was weaker alongisde stocks and global bonds. West Texas Intermediate crude futures fell nearly 3% to as low as $46.23 per barrel.

More to come ...

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