Crude oil is getting smoked

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.

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