Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1994. So basically, the company will report the number of active oil and gas rigs weekly.
Although Baker Hughes Rig Counts are more important barometer for drilling industry and its suppliers. When drilling rigs are active, they consume products and services produced by oil service industry. So, the rig counts act as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.
However, it could be an important indicator in oil trading. The rig count in US is influencing, though oil rig count in Canada might have some effect on oil price as well. Oil rig count actually directly reflects the active drilling activity; therefore, increase in oil rig count simply means increase in the oil production.
In simple words,
Increase in oil rig count — bearish for oil price
Decrease in oil rig count — bullish for oil price
The US Baker Hughes Oil Rig Count can be tracked at Investing.com (US Baker Hughes Oil Rig Counts). Sometimes, it may have some delays and you may like to check on the original website of Baker Hughes.
In addition, gas rig count is also reported by Baker and Hughes, influencing gas price as how oil rig count impacting oil price.