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.

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