Crude oil is falling again.
On Tuesday, the price of West Texas Intermediate crude oil was down about 1% to right around $US52.10 a barrel for the first time since early April. WTI briefly dipped below $US52 a barrel earlier.
On Monday, WTI crashed, falling more than 7%. Just a few weeks ago, WTI was above $US60 a barrel.
WTI had been sitting near $US60 a barrel or so for a few months after bottoming at $US43 in March.
And while oil inventories had been falling ever-so-slightly in the last few weeks, they still remain near 80-year highs.
Here’s the early drop in WTI prices on Tuesday after Monday’s sharp sell off.