Crude oil collapses to a stunning new low

Monday, August 24, 2015
By Paul Martin

MYLES UDLAND
BusinessInsider.com
Aug. 24, 2015

Along with almost all other assets, crude-oil prices are collapsing.

In early trade on Monday morning, the price of West Texas Intermediate was down about 5.7% and traded as low as $38.13 a barrel, a new post-financial-crisis low for the commodity that has been getting hacksawed this year.

WTI prices are down about 60% against a year ago, and after finding some stability earlier this year, oil prices have been rolling over again.

Crude oil has been getting hammered along with the entire commodity complex, but crude is also battling oversupply from the continued pumping of OPEC members such as Saudi Arabia and from the fracking that has production in the US near multidecade highs.

Here’s the latest leg lower in WTI.

The Rest…HERE

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