<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56992e0de6183ebe4a8b97d9-2400/rtx1tgfw.jpg" alt="oil rig" data-mce-source="REUTERS/Balazs Koranyi" data-mce-caption="Three oil and gas rigs owned by Transocean Ltd sit idle in the Grand Harbor in Valletta, Malta October 22, 2015." /><p class="source"><span>REUTERS/Balazs Koranyi</span></p></div><p></p></div></div>Baker Hughes will release its weekly counts of US oil and gas rigs just after 1 p.m. ET. </p><p>Data from the oilfields services giant has shown a rise in the number of oil rigs during <a href="http://www.businessinsider.com/baker-hughes-rig-count-july-29-2016-7">the last five weeks</a>.</p><p>Rig counts trail oil prices, and so the move higher suggests that producers became more comfortable with increasing production as oil prices rallied towards $50 per barrel into the middle of this year. </p><p>The oil-rig count rose last week by 14, while gas rigs fell by two. The total count increased by three to 374.</p><p>Crude oil prices plunged into a bear market in July, falling by more than 20% during the month.</p><p>More to come ...</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/smart-lunch-box-design-2016-7">This lunch box for adults could change the way you eat</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="I4eTB3NDE6XP8P9h3AlMhOSHUPzBhWiV" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'I4eTB3NDE6XP8P9h3AlMhOSHUPzBhWiV',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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Here comes the Baker Hughes rig count ...

REUTERS/Balazs KoranyiBaker Hughes will release its weekly counts of US oil and gas rigs just after 1 p.m. ET. Data from the oilfields services giant has shown a rise in the number of oil rigs during the last five weeks.Rig counts trail oil prices, and so the move higher suggests that producers became more comfortable with increasing production as oil prices rallied towards $50 per barrel into the middle of this year. The oil-rig count rose last week by 14, while gas rigs fell by two. The total count increased by three to 374.Crude oil prices plunged into a bear market in July, falling by more than 20% during the month.More to come ... NOW WATCH: This lunch box for adults could change the way you eat if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'I4eTB3NDE6XP8P9h3AlMhOSHUPzBhWiV',{ autoplay: 'false' }); }); Please enable Javascript to watch this video (function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }());

REUTERS/Balazs KoranyiBaker Hughes will release its weekly counts of US oil and gas rigs just after 1 p. m.

Here comes the Baker Hughes rig count ...

Akin Oyedele

NOW WATCH: This lunch box for adults could change the way you eat

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