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There Goes Oil ...

Myles UdlandDec 29, 2014, 22:53 IST

Oil is crashing again.

On Monday afternoon, the price of West Texas Intermediate crude oil crashed below $54 to as low as $53.74, a more than 1.8% decline.

The move in oil marks yet another leg lower for the commodity, which has just gotten crushed over the last six months.

Monday's drop in oil also comes after the latest manufacturing report from the Dallas Fed showed that business leaders in Texas are concerned about the impacts from the declining price of oil.

Here's Monday's quick, steep drop in WTI.

And the stunning 1-year chart of WTI.