Here comes the Baker Hughes rig count ...

The latest weekly rig count from oil driller Baker Hughes is set for release at 1:00 pm ET.

Last week, the number of US oil rigs in use fell by 42 to 760, the lowest total since December 17, 2010. Combined oil and gas rigs declined by 40 last week to 988, the lowest total since August 2009.

In a note to clients earlier this week, analysts at Morgan Stanley said the decline in rig count usually troughs about 25 weeks after the plunge starts and said that we've got about 3 more months of rig count declines before reaching a bottom.

In January, Baker Hughes said that the decline in rig count has usually been about 40%-60% in past oil downturns, and as of last week, the rig count had fallen by about 53% since the October 2014 peak of 1,609 active US oil rigs.

Here's the latest chart of the decline, and we'll be back with the live numbers when they hit.

Business Insider, data via Baker Hughes