And now crude oil is tumbling.
On Tuesday morning, West Texas Intermediate crude oil was down around 2.4% to $US58.80 a barrel amid a sell off in bonds, a rally in the US dollar, and US stocks going nowhere.
Crude oil has traded near $US60 a barrel for the last several weeks, as WTI rallied off its March low of $US43, which is starting to look like the bottom.
Over the weekend, analysts at Goldman Sachs were out with a note giving an update on its outlook for oil prices, cutting its expectations for price increases over the next 5 years.
Here’s the chart of oil on Tuesday.