Crude oil is getting crushed

Good morning!

The weekend is over and crude oil is getting crushed.

On Monday morning, the price of West Texas Intermediate crude oil was down more than 4% to trade back below $US49 after crude had another wild week in which prices finished lower after trading as high as $US54 a barrel.

Monday’s drop in oil comes after Friday saw the number of US oil rigs shutting down decline less than the prior week.

A report from Bloomberg News on Monday also attributed some of the weakness in oil to the restarting of a pipeline in Libya that had been out of service due to a fire.

Here’s the early drop in oil prices.

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