Crude oil collapses to a 7-year low

Crude oil will not stop falling.

On Friday, the price of West Texas Intermediate crude oil, the US benchmark price, fell to as low as $35.92 a barrel, the lowest price in over seven years as the commodity continues to get hammered.

Since last year the price of crude is down about 40% and since hitting a peak of around $110 in June 2014, WTI is off nearly 70%.

This latest collapse in oil prices comes on a day when stocks were getting crushed as markets continue to remain skittish ahead of an expected rate hike from the Federal Reserve next Wednesday.

Here’s the chart.

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