Oil Is Crashing Again

Crude is getting smoked.

On Tuesday, markets were higher, rebounding somewhat after three straight days of losses.

But crude oil, which has been getting routed in the last few months, and particularly the last couple week, resumed its slide, falling more than 4% to below $US83 a barrel on Tuesday.

The most recent drop in oil also follows news out of the International Energy Agency on Tuesday that nearly 3% of the world’s oil production is vulnerable if prices fall to $US80 per barrel.

Here’s the 5-minute chart showing Tuesday’s price drop in crude oil.

And a longer-dated chart that shows the absolute beating crude has taken since the summer.

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