The weekend is over, futures markets are open, and oil is getting slammed again.
On Sunday night in New York, West Texas Intermediate crude was down another 2% to around $US43.90 a barrel, the lowest price for WTI in six years.
The decline in oil prices on Sunday night follows a rough week for WTI, with prices moving north of $US50 a barrel last Monday before closing the week down around $US45.
On Friday, the International Energy Agency said that the stability seen in oil prices over the last month or so was not likely to last, with the IEA saying in a report, “Behind the facade of stability, the rebalancing triggered by the price collapse has yet to run its course.”
The latest data from oil driller Baker Hughes released Friday also showed the number of US oil rigs continues to plummet, falling another 56 last week to 866, or the lowest level since March 2011.
Over the last several months, a number of Wall Street strategists have said that the bottom is not in for oil prices, and after a little bit of relative stability, it seems like the commodity is yet again trending lower with fewer signs of stopping.
Here’s Sunday night’s open in WTI.