The total rig count fell for the 12th week, down 43 to 1267. This 3.3% decline is the slowest drop in 6 weeks and oil prices are sliding on this news. The key level to watch for WTI is $48.24 which moves it into the red for the 8th month in a row.

*U.S. TOTAL RIG COUNT -43 TO 1,267, BAKER HUGHES SAYS

*U.S. OIL RIG COUNT -33 TO 986, BAKER HUGHES SAYS

The pace of decline (and this future possible production) is dropping...

In theory, Oil prices should surge on this news...