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.