Crude oil is tumbling

Another day, another big swing in crude oil.

The price of West Texas Intermediate crude oil was down more than 2% on Thursday morning to below $US49 a barrel.

This drop in crude follows a more than 4% rally on Wednesday that followed reports of a platform fire in the Gulf of Mexico from Mexican state-run oil giant Pemex.

On Wednesday, the latest data from the EIA that showed that crude oil inventories in the US continue to build and remain near an 80-year high.

Here’s the latest drop in crude early Thursday.

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