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.