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Here comes the Baker Hughes rig count ...

Here comes the Baker Hughes rig count ...
Stock Market1 min read

At the top of the hour, we'll get the latest count of US oil and gas rigs from driller Baker Hughes.

Last week, the number of oil rigs in operation fell by 4 to 642, the lowest level since August 16, 2010.

The combined count fell by 7 to 868, the lowest level since January 24, 2003.

Ahead of the data, West Texas Intermediate crude oil was down about 1%, near $60.11 per barrel.

Crude oil production is still on the rise despite the plunge in rig counts we've now seen for 26 straight weeks.

In its short-term outlook released on Tuesday, the Energy Information Administration estimated that US oil production rose by 9.6 million barrels in May. That's about 400,000 barrels higher than the average production level in the fourth quarter of 2014.

The EIA further forecast that US crude oil production will begin to decline from this month until February 2016.

We'll be back with the rig count numbers once they drop. Here's the latest chart of the plunge:

oil rig count 6 5 15

Andy Kiersz/Business Insider

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