Following last week's slowing in the pace of rig count, crude prices dropped and then spiked, and it makes today's data under more scrutiny. At around $49.50, WTI prices have round-tripped back almost perfectly to the scene of the crime before today's rig count data hit. The total oil rig count dropped almost 6%, down 75 to 1,192 meaning a re-acceleration of the rig count decline and the 2nd biggest drop since 1993. *U.S. TOTAL RIG COUNT -75 To 1,192 , BAKER HUGHES SAYS *U.S. OIL RIG COUNT -64 TO 922, BAKER HUGHES SAYS 2nd biggest rig count decline since 1993 Total rig count has now dropped 38% in the last 13 weeks - just shy of the move in 2009... Before today's data, oil had tumbled all the way back to unchanged from last week's rig count data... The reaction was a rally higher and drop back.. But production continues to hit record highs... * * * Finally, here is Bloomberg to explain the 'link' between wells, production, and rigs... Charts: Bloomberg