At the top of the hour, driller Baker Hughes will publish its latest weekly tally of US oil and gas rigs.
Last week, the oil rig count fell by 10 to 664, while the gas rig count was unchanged, at 193. And so, the total rig count fell by 10 to 757.
Earlier on Wednesday, the Energy Information Administration said crude oil inventories rose by 1 million barrels last week to 488.2 million.
Oil prices jumped on Monday after news crossed that Turkey shot down a Russian warplane on the Syrian border. Geopolitical concerns that could impact crude oil supplies in the region sometimes moves oil prices.
Ahead of today's rig count data, West Texas Intermediate crude futures in New York were down by less than 1%, near $42.67 per barrel.
We'll have the latest data at the top of the hour. Meanwhile, here's the latest rig count chart:
Andy Kiersz/Business Insider