Crude oil is still plunging

Crude oil is back under $US50 per barrel.

In early trading on Thursday, West Texas Intermediate crude continued its tumble, falling more than 5% to as low as $US49.20.

A report from the American Petroleum Institute on Wednesday showed inventories rose by 14.3 million barrels last week, compared to an increase of 1.6 million barrels the previous week, sending oil prices sharply lower on Wednesday afternoon.

And on Thursday morning, that drop was continuing.

The Energy Information Administration will release weekly data on US crude inventories on Thursday morning.

Here’s a chart of the plunge in WTI:

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