Crude oil is getting smoked.
Near 10:00 a.m. ET, West Texas Intermediate crude was over 3% lower at around $US49.87 per barrel.There was no obvious catalyst for the mover lower.
A rally Thursday pushed WTI back above $US50 as prices rose on news that Saudi Arabia was bombing the positions of Iran-backed rebels in Yemen, which has a key narrow strait through which oil traffic passes.
At 1:00 p.m., we’ll get the latest oil rig counts data from Baker Hughes, which has been tumbling for weeks now.
Here’s a chart showing the plunge: