Here comes the Baker Hughes rig count ...

The latest rig count data from oil drilling firm Baker Hughes is set for release at the top of the hour.

Last week, the number of oil rigs in use fell by 83 to 1,140.

This is down from a peak of 1,609 hit in October 2014 and was the lowest oil rig total since December 2011.

The current drop serves as about a 30% drop from the most recent peak, and on its most recent earnings conference call Baker Hughes said that in past downturns, the number of rigs in use has declined by 40%-60%.

Here's the latest chart from Baker Hughes, and we'll have an updated version as soon as the numbers hit.

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