Here comes the Baker Hughes rig count ...

The latest rig count from oil driller Baker Hughes is set for release near the top of the hour.

Last week, the number of oil rigs in use rose by 21, a big jump that was preceded by another drop in the rig count after a 27-week stretch of declines was snapped earlier this month.

On Friday, the price of West Texas Intermediate crude oil was down about 1.8% at around $47.60.

Last week, WTI fell into a bear market after stabilizing through late spring.

Here's the latest chart of the US rig count and we'll be back with an update when the number cross.