Crude oil is getting destroyed
Good morning!
Amid a broad decline in stocks in Asia, Europe, and US futures following the Greek referendum vote against further austerity measures, the big loser on Monday is crude oil.
In early trade, the price of West Texas Intermediate crude oil was down over 4.5%, or $2.70, to $54.25 a barrel.
This is the lowest price for the commodity since early April.
After bottoming at $43 a barrel in early March, crude oil has been trading right around $60 or so for the last few months, but Monday's move represents the first real break lower in a few months.
And so while the news out of Greece and China has created uncertainty in financial markets (stocks, bonds, currencies), the biggest loser right now is the star of 2014: crude oil.
Here's the ugly chart.
FinViz
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- Realme Narzo 70, Narzo 70X 5G smartphones launched in India starting at ₹11,999
- Indian housing sentiment index soars, Ahmedabad emerges as frontrunner
- 10 Best tourist places to visit in Ladakh in 2024
- Invest in disaster resilience today for safer tomorrow: PM Modi
- Apple Let Loose event scheduled for May 7 – New iPad models expected to be launched