Oil crashed below $28

Oil crashed past the $28 per barrel mark in overnight trading, hitting $27.82.

It was the first time since September 2003 that the price had fallen below $28 a barrel. Oil keeps getting cheaper. It's now down 75% from July 2014.

The renewed slide corresponds with a report released by the International Energy Agency in which the group warned that the oil market could drown in over-supply in 2016.

As of 7:10 a.m. GMT (7:40 a.m. ET) both major benchmarks, West Texas Intermediate and Brent crude, had rallied a little but were still down more than 2%.

Here's WTI:

And here's Brent:

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