Here comes the Baker Hughes rig count ...

Oil driller Baker Hughes will release the latest count of US oil rigs around 1:00 p.m. ET.

Last week, the oil rig count fell by seven to 638.

That came after two straight weeks of climbs that were preceded by 25 straight weeks of declines.

West Texas Intermediate crude oil fell below $50 per barrel for the first time since early April on Monday. And on Thursday, it sank into a bear market, defined as a 20% drop from highs.

Ahead of Friday's rig count data release, crude oil crossed below $48 per barrel to $47.92. Oil is now trading near the lowest levels since March 2013.

As crude oil hovered around $60 per barrel, analysts at Goldman Sachs said it's a price level where producers are comfortable with increasing output. However, oil is now approaching the year-to-date low of around $43 per barrel.

When Baker Hughes released its earnings earlier this week, it warned that the worst of the oil crash is not over. It also forecast that the rig count will remain largely unchanged through the end of the year.

Here's a chart showing the slump in WTI on Friday:

And this is the latest chart of the rig count, which we'll update with the latest data as soon as they cross: