Here comes the Baker Hughes rig count ...

Oilfield-services company Baker Hughes will release its weekly count of US oil and gas rigs at 1 p.m. ET.

In 2016, the oil rig count staged a comeback not seen since the most recent oil crash. It rose by 13 to 523 last week, just 13 short of the tally in the first week of January 2016.

After oil prices bottomed in February and started rising, producers gained confidence to increase activity. The crash had plunged demand for oilfield-services equipment, and forced drillers to find ways to produce more efficiently.

US production levels will continue to be closely watched in 2017, especially as OPEC and non-OPEC members implement their agreement to lower output.

Crude oil prices were little changed ahead of the rig-count release on a light day of trading. West Texas Intermediate crude oil futures, the US benchmark, were down 0.3% to $53.59 per barrel. Oil was on pace to finish up 46% for the year.

More to come ...