Oil Is Getting Crushed On Heavy Volume As Commodities Get Massacred

WTI crude oil futures are getting slammed in today’s session. Right now, they’re down over 2.2 per cent, and a big part of the drop came in just the last 20 minutes.

Metals like gold, silver, palladium, copper, aluminium, etc. are all tanking today as well.

Bloomberg’s Moming Zhou reports:

West Texas Intermediate tumbled more than $2 a barrel following declines in metals on rumours that a commodity fund is liquidating.

WTI dropped as much as 2.8 per cent as silver and platinum tumbled. Oil also decreased as gasoline futures slid for a second day from the highest level since September.

“There is a rumour that a fund is blowing up,” said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. “Metals are getting hit and it’s spreading over to oil.”

Below is a chart showing the move in oil, including the spike in volume in the light blue bars below the price graph:

oil futures

Photo: Thinkorswim

And here is a chart of silver, which is off more than 3 per cent today:

Silver futures

Photo: Thinkorswim

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