Baker Hughes rig count due at the top of the hour
The rally in oil this week was really kicked off by Friday's Baker Hughes rig count report. It showed a drop in oil rigs to 400 from 413 and sent oil $1 higher in the aftermath. Those gains evaporated later in the day but set the stage for this week's gain.
The latest report is due at 1 pm ET. There is no consensus but the bias is certainly lower.
