Crude oil is getting smoked

Crude oil is getting smoked.

On Tuesday morning, West Texas Intermediate crude was down more than 2%, and fell to as low as $US58.35 per barrel.

Brent crude, the international benchmark, was down less than 2% at around $US64.39 per barrel.

On Friday, we got data from driller Baker Hughes that showed just one oil rig was removed from service last week. It was the slowest pace of declines in the 24-week streak we’ve witnessed.

Also on Friday, Goldman Sachs analysts wrote in a note that the slowdown was the “first sign” that oil drillers are getting comfortable with oil prices near $US60, and will ramp up production.

Here’s the chart showing crude oil’s slide on Tuesday morning:

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