Oil Prices Are Sliding

Oil got crushed again on Tuesday.

Crude futures were down about $US1.30, or about 1.4%, to $US89.05 a barrel on Tuesday, as oil continues its huge slide since the beginning of the month. 

Oil first pierced the $US90 level last week, which was the first time it had fallen below $US90 a barrel in more than a year. 

This chart from FinViz shows the decline in oil futures over the last couple of weeks, with oil about $US6 a barrel below its peak price right at the end of September.

And here’s a longer term chart showing the huge decline oil has seen over the last year, and particularly since the start of the summer.

And while a decline in the price of oil has wide-ranging economic effects, at least for US consumers the decline in oil has begun to show up at the gas pump, as CNBC’s Carl Quintanilla tweeted that Missouri has become the first state where the average price of a gallon of gas has fallen below $US3. 

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