CRUDE OIL BREAKS $70

Crude oil just broke $US70 for the first time since June 2010.

West Texas Intermediate crude futures are below $US70 after Thursday’s OPEC meeting resulted in the oil cartel announcing that it will not cut production.

On Thursday, WTI futures were down as low as $US68.90, a more than 6% decline in the last 24 hours following the news.

The recent slide in oil prices has been attributed, among other things, but a global supply glut.

Brent crude oil futures, considered the global benchmark, were also down more than 5% on Thursday to below $US73 a barrel.

And from the folks at Bespoke Investment Group, here’s some context on just how huge the recent decline in WTI prices has been.

Here’s the crazy WTI chart.

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