CRUDE OIL BREAKS $70

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Crude oil just broke $70 for the first time since June 2010.

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West Texas Intermediate crude futures are below $70 after Thursday's OPEC meeting resulted in the oil cartel announcing that it will not cut production.

On Thursday, WTI futures were down as low as $68.90, a more than 6% decline in the last 24 hours following the news.

The recent slide in oil prices has been attributed, among other things, but a global supply glut.

Brent crude oil futures, considered the global benchmark, were also down more than 5% on Thursday to below $73 a barrel.

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And from the folks at Bespoke Investment Group, here's some context on just how huge the recent decline in WTI prices has been.

Here's the crazy WTI chart.

11.27 oil

FinViz