Here comes the Baker Hughes rig count ...

The latest US rig count from oil driller Baker Hughes is set for release at around 1:00 pm ET.

Last week the number of US oil rigs in use fell by 37 to 1,019, the lowest total since July 2011.

The number of combined oil and gas rigs declined by 48 last week to 1,250, the lowest total since January 2010.

Compared to last year, the number of oil rigs in use is down by 406 while the number of combined oil and gas rigs is down by 461.

The decline in oil rigs has been closely watched as the price of oil has tumbled, and at current levels, the decline in US oil rig count is about 37%; in January, Baker Hughes said the number of rigs in use has declined by 40%-60% during past oil downturns.

On Friday afternoon ahead of the rig count, West Texas Intermediate crude oil was up around 2% to $49.10 per barrel.

Here's the latest chart of US oil rig count, per Baker Hughes, which will be updated as soon as the numbers hit.