Here comes the Baker Hughes rig count ...

Baker 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 ...

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