Crude oil collapses to a stunning new low

Along with almost all other assets, crude oil prices are collapsing.

In early trade on Monday morning, the price of West Texas Intermediate was down about 3% and traded under $US39 a barrel, a new post-financial crisis low for the commodity that has been getting hacksawed this year.

Against a year ago, WTI prices are down about 60% and after finding some stability earlier this year, oil prices have been rolling over again.

Crude oil has been getting hammered along with the entire commodity complex, but crude is also battling oversupply from the continued pumping of OPEC members like Saudi Arabia and US fracking that has production in the States near multi-decade highs.

Here’s the latest leg lower in WTI.

And the last year of WTI.

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