Oil Is Getting Crushed On Heavy Volume As Commodities Get Massacred
WTI crude oil futures are getting slammed in today's session. Right now, they're down over 2.2 percent, and a big part of the drop came in just the last 20 minutes.
Metals like gold, silver, palladium, copper, aluminum, etc. are all tanking today as well.
Bloomberg's Moming Zhou reports:
West Texas Intermediate tumbled more than $2 a barrel following declines in metals on rumors that a commodity fund is liquidating.
WTI dropped as much as 2.8 percent as silver and platinum tumbled. Oil also decreased as gasoline futures slid for a second day from the highest level since September.
“There is a rumor that a fund is blowing up,” said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. “Metals are getting hit and it’s spreading over to oil.”
Below is a chart showing the move in oil, including the spike in volume in the light blue bars below the price graph:
And here is a chart of silver, which is off more than 3 percent today:
