Crude Oil Is Getting Smoked Again

The weekend is over in New York and near 7:05 pm ET, the price of West Texas Intermediate crude oil was down another 2.5% to $US44.45 a barrel.

Additionally, US stock futures were selling off after a mixed week that saw the Nasdaq and S&P 500 gain ground while the Dow saw slight losses. Dow futures were down 146 points, S&P 500 futures were off 17 points, and Nasdaq futures were off 33 points.

On Friday afternoon, however, stocks had their most discouraging close of the week, as the Dow lost 141 points and the S&P losing 0.5% with most of these losses coming in the final 90 minutes of trading.

The big news over the weekend was the landslide victory for radical left wing party Syriza in Greece’s parliamentary elections. Syriza ran on a platform of rejecting the austerity measures imposed on Greece by the Troika following the eurozone crisis in 2010.

Last week, WTI prices fell after gaining ground the week earlier for the first time in almost two months. This week, stocks moved back into positive territory for the year, but as of Friday’s close both the S&P and Dow were bag into the red for 2015.

Here is Sunday night’s sell off in WTI.

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