Here comes the Baker Hughes rig count ...

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

Last week, the tally of oil rigs increased by two to 452.

As crude prices stabilized in a price range between $40 and $50 per barrel earlier this year, demand for oilfield services increased. That spiked the rig count at a pace not seen since oil prices crashed two years ago.

Oil prices were slightly higher ahead of the data release on Friday. The West Texas Intermediate crude oil futures contract for December delivery expires on Monday, which could mean that the market gets more volatile before then.

WTI was up 0.2% at $45.49 per barrel.

More to come ...

NOW WATCH: A mysterious cloud moving 700,000 mph is going to collide with our galaxy - here's what will happen

Please enable Javascript to watch this video