OIL IS PLUNGING

Oil is still falling.

In afternoon trade on Friday, West Texas Intermediate crude prices were below $67 to as low at $66.66.

Brent crude prices, which are the global benchmark, also cracked $70 a barrel.

WTI prices are now down more than 9%, or more than $7 a barrel, in just the last 24 hours, and Brent prices are also off more than 9%.

The drop in crude prices is a continuation of the collapse that started on Thursday after the latest OPEC meeting saw the oil cartel maintain its current rate of production. Many in the market expected OPEC to announce production cuts to combat the recent decline in oil prices, which some had blamed on too much global supply.

Here is the insane chart.

More to come ...