That Oil Rally Didn't Last Long

The oil rally didn't even last a full day.

Last night, oil futures gapped lower after markets re-opened with West Texas Intermediate crude prices falling below $56.50 a barrel.

But overnight, prices rallied, with WTI futures gaining more than $2 a barrel. 

And now that rally has completely disappeared.

Near 11:40 am ET on Monday, WTI futures were back near $56.50, with WTI down about 2% over the last 24 hours, as global markets resume the sell off seen on Friday.

In the US, stocks were giving up all of their pre-market gains, while the Russian ruble was completely collapsing, falling to below 63 against the dollar. 

Earlier this year, the ruble was worth about 35 against the dollar.

Crude oil has been the biggest story in markets over the last six months, and the charts showing crude's collapse are just stunning.

And so after a short-lived glimmer of hope for stablizing oil prices, we are sliding lower yet again.