Crude Oil Is Tumbling Again
Oil prices are tumbling again.
In morning trade on Tuesday, the price of West Texas Intermediate crude oil in New York was down more than 3.5% to below $47.50 a barrel.
Brent crude oil, the international benchmark, was also lower, down about 1%.
The decline in crude comes ahead of the week's US stock market open, as markets in the US were closed on Monday in observation of the Martin Luther King, Jr. holiday.
On Tuesday, news in the oil space included some more bad news from services providers, as Baker Hughes said it expects the number oil rigs in US to continue falling in the first quarter with the company also saying it expects to cut 7,000 jobs in the first quarter.
Last week, WTI posted its first weekly gain in almost two months, but on Tuesday, these gains are proving to be short-lived. So far, at least.
-1.jp2)
And here's the yearly chart of WTI.
-1.jp2)