Here comes the Baker Hughes rig count ...

Oil driller Baker Hughes will release the latest weekly count of US oil and gas rigs around 1:00 p.m. ET.

Last week, the number of oil rigs in operation fell by seven to 635, the lowest count since August 6, 2010.

The combined count fell by nine to 859.

This could be the 28th straight week of a decline.

Even with the plunge in the rig count, US oil production has continued to surge.

But that is forecast to change. According to the Energy Information Administration's latest short-term outlook, oil output hit a peak in May, and will likely decline until early 2016.

Ahead of the data, West Texas Intermediate crude fell more than 2% to as low as $59.53 a barrel.

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