Crude oil is now within a hair’s breadth of $US80.

On Wednesday morning, crude oil is down almost another 2% and is seriously flirting with breaking $US80 for the first time since 2012.

This follows Tuesday’s more than 4% decline in oil, which just can’t seem to catch a bid and has been in free fall over the last couple weeks.

The latest leg lower in oil prices comes after a slew of terrible economic data, including retail sales that disappointed, producer prices that unexpectedly declined, and New York manufacturing data that fell by the most since November 2010.

In morning trade on Wednesday, stock futures were sharply lower, and US government bonds were going crazy, with the yield on the US 10-year falling as low as 2.05%.

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