The weekend is over, the futures markets are open, and crude oil is breaking lower.
Near 9:00 pm ET on Sunday night in New York, West Texas Intermediate crude oil futures were down another 1% to around $US57.15 a barrel. Earlier in the evening, WTI was down more than 2% to below $US57 but has clawed back some losses over the last couple hours.
Brent crude futures were also lower, hovering around $US61 a barrel after breaching that level earlier in the evening.
From here, every move lower in crude prices will be a new five-year low for the commodity.
Last week was a disaster for oil, and comments from OPEC ministers over the weekend implying that the cartel has no immediate plans to act in the face of plummeting prices are likely not helping matters shortly after the futures open.
Sam Ro has your big preview of this week’s events, which are headlined by the latest Fed meeting on Wednesday.
But as we head towards the holidays, there will remain one thing on the top of everyone’s mind: oil.