There Goes Oil ...

And now oil is giving it up, too. 

Near 11:15 am ET, West Texas Intermediate crude was tumbling, falling almost 3% to back below $47.50 a barrel after trading above $49 overnight. 

This latest drop in oil comes after Friday morning's December jobs report, which saw the US economy add another 252,000 jobs while the unemployment rate fell to 5.6%. 

Stocks were also dropping following the jobs report, with the Dow down by as much as 165 points in morning trade.

Oil has remained volatile but has traded in a (relatively) narrow range over the last couple days as stocks have staged a huge rally. 

But on Friday morning, oil was starting to follow stocks lower.