Crude oil is getting destroyed

Good morning!

Amid a broad decline in stocks in Asia, Europe, and US futures following the Greek referendum vote against further austerity measures, the big loser on Monday is crude oil.

In early trade, the price of West Texas Intermediate crude oil was down over 4.5%, or $US2.70, to $US54.25 a barrel.

This is the lowest price for the commodity since early April.

After bottoming at $US43 a barrel in early March, crude oil has been trading right around $US60 or so for the last few months, but Monday’s move represents the first real break lower in a few months.

And so while the news out of Greece and China has created uncertainty in financial markets (stocks, bonds, currencies), the biggest loser right now is the star of 2014: crude oil.

Here’s the ugly chart.

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