There goes oil ...

Crude oil is falling.

On Friday morning, the price of West Texas Intermediate crude oil was down more than 2% to back below $US60 a barrel.

Earlier this week, WTI was trading near its highest level since December, and since bottoming at $US43 a barrel back in March, crude oil is up more than 40%. Later today, we’ll get the latest update on US oil rig counts from Baker Hughes, with this number having declined by more than 50% since its October 2014 peak, though the decline has slowed in recent weeks.

Stocks were also little changed shortly after the market open on Friday after the S&P 500 closed at a new all-time high on Thursday.

Here’s the drop in crude on Friday.

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