Here comes the Baker Hughes rig count ... (USO, WTI, OIL, VDE, BHI)

Just after 1:00 p.m. ET, oilfield services company Baker Hughes will release its weekly tally of US oil and gas rigs.The oil rig count fell for a ninth straight period last week. The drop, by 16 to 578, was the biggest in four weeks.The tally was in a renewed slump after a six-week rise that was preceded by theunprecedented plunge that followed the oil crash.The total count of oil and gas rigs fell last week by 12 to 775, the lowest level since April 2002.Earlier on Friday, Baker Hughes said the US rig count in October was 791, down 15% year-on-year.Ahead of the data, West Texas Intermediate crude futures in New York were down nearly 2%, at about $44.39 per barrel.Refresh this page for updates.This is the most recent rig count chart:SEE ALSO:President Obama officially rejects the Keystone XL pipelineJoin the conversation about this storyNOW WATCH: The killer jobs report could mean a rate hike in December
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