Here comes the Baker Hughes rig count ...

Energy giant Baker Hughes will release its weekly tally of US oil and gas rigs just after 1 p.m. ET.

Last week, the oil rig count increased for a second straight week, by 3 to 328. That was the biggest recovery since last August.

The gas rig count rose 3 to 85, and the total was up 6 to 414.

Goldman analysts wrote in a note earlier this week that the current level of oil prices is not enough to cause all producers to ramp production, but the better capitalized ones can at the forward curve.

Oil prices have nearly doubled from the year-to-date low reached in February.

Refresh this page for the latest at the top of the hour.

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