Crude oil is getting crushed.
In afternoon trade on Monday, crude oil prices were below more than $US2 to below $US79, falling rapidly from as much as $US81 earlier in the day.
The drop in crude also took US equity markets off their best levels, with only the Nasdaq currently holding on to gains.
Earlier on Monday, the S&P 500 had been trading near a new all-time intraday high above 2,022.
Crude prices briefly spiked after headlines crossing Reuters said that Saudi Arabia increased its per barrel price for shipments to Asia for November. Saudi Arabia, however, cut prices on shipments to the US.
The quick drop in crude on Monday brought the commodity to yet another multi-year low, and the lowest level of its most recent breakdown, which has been in place since late summer.
Here’s the intraday chart of crude oil’s drop.