Here comes the Baker Hughes rig count ...

Oil driller Baker Hughes will release its weekly count of oil and gas rigs just after 2 p.m. ET.

The oil rig count fell for a seventh straight period last week, by 4 to 328. That marked the lowest rig count since October 2009.

The combined count of oil and gas rigs declined by 5 to 415, marking a new record low for the series since it began in 1947.

The series has collapsed in the wake of the most recent oil decline that started almost two years ago. Oil prices have rebounded this year by nearly 40%, however.

Ahead of the rig count data, West Texas Intermediate crude futures were down 1% and near $46.20 per barrel in New York.

We'll have the latest rig count at the top of the hour, so refresh this page for updates.

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