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.