Oil Is Taking A Drubbing Again

Oil is falling again.

On Wednesday, oil was down more than 1.5% to $81.15 a barrel, its lowest level since last Thursday when oil, along with the broader market, began rallying off last week's lows.

The decline in oil also came amid some broad market weakness on Wednesday, which according to an afternoon email from NYSE floor governor Rich Barry, was related to the ongoing situation in Canada.

"In a clear sign that the overall sentiment in the market remains fragile and cautious, we saw a sharp turn in the market to the downside early this afternoon on reports of 'multiple rouge gunmen' opening fire upon citizens in the Canadian capital city of Ottawa... Make no mistake, the Dow and S&P sold off in reaction to reports of the shootings," Barry wrote.

Here's the chart of oil's decline on Wednesday.