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US Total Rigs Add 11, US Oil Rigs Add 7

United States Oil Fund ETF ETF:USO, Baker Hughes Incorporated NYSE:BHI - US Total Rigs Add 11, US Oil Rigs Add 7

Oil rigs in the United States added 11 oil rigs. Total rigs added seven rigs.

Rig counts on their own have very little impact on the governing dynamics of the Oil Complex, however, the complexity of industry makes rig counts popular for traders who only trade crude contracts, as opposed to professional traders who manage physical oil storage in warehouses with hedges in the paper markets.

Expect volatility to remain until OPEC's informal meeting in Algiers scheduled for September 27.

NYMEX Light Sweet Crude contract for October traded lower through Friday's session, falling nearly $1.40, or 3 percent. Brent Crude contract for November oil declined nearly $1.60, or 3 percent.

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