The Weekend Is Over And Oil Is Getting Crushed

The weekend is over and West Texas Intermediate crude futures are below $US65 for the first time since May 2010.

In early Sunday night trading, WTI futures were resuming their tumble that sent crude to $US66 for the first time in more than four years.

Oil futures were down more than 2%, or $US1.40 a barrel, to as low as $US64.72. Brent crude prices were also sliding, falling to their lowest level since May 2010.

The decline in oil prices accelerated aggressively on Thursday after the latest OPEC meeting saw the oil cartel decline to curb production in an effort to combat the recent tumble in oil prices.

Here’s the chart of Sunday night’s drop.

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