Oil Keeps Crashing

Oil is dumping again.

Near 1:15 ET on Tuesday, West Texas Intermediate crude oil was near $US48.10 a barrel, a nearly 4% drop on Tuesday.

Earlier Tuesday afternoon, WTI briefly broke $US48, hitting a new low of $US47.91. 

Early Tuesday morning, WTI broke $US49 a barrel a day for the first time since April 2009, just a day after cracking the $US50 mark for the first time since that same month in 2009.

Brent crude, the international benchmark, was also breaking lower, cracking $US52 for another multiyear low.

Over the last six months, the price of Brent and WTI crude is now down more than 50%.

Here’s the chart of oil’s latest drop:

The price of crude oil is down by about $US10 in the past two weeks, following December’s decline.

Here’s the past two weeks of WTI:

And Tuesday’s chart for Brent, the international benchmark for oil markets:

 

“Falls in oil prices are going beyond many people’s expectations. This will put pressure on the earning of US energy firms,” Hirokazu Kabeya, senior strategist at Daiwa Securities, told Reuters.

NOW WATCH: 11 Facts That Show How Different Russia Is From The Rest Of The World

 

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.