Oil Is Getting Hammered

Oil is getting crushed.

On Friday morning, after the US jobs report came in way better than expected, the price of oil was falling again.

In morning trade, West Texas Intermediate crude was down nearly 2% in the last 24 hours, to $65.50 a barrel.

This is the lowest level since crude prices dropped sharply late Sunday night after the futures market opened.

Following the jobs report, the US dollar was also rallying and the stock market was bouncing around a bit, though each of the major indexes were in positive territory in morning trade.

Last week, the price of crude collapsed after OPEC declined to reduce production at its meeting held on Thanksgiving, and while oil prices had stabilized a bit this week, they are losing steam into the weekend.