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Crude oil is getting smoked

Akin Oyedele
crude oil black spill israel desert
crude oil black spill israel desert

(REUTERS/Yehuda Ben Itach)

Crude oil is getting smoked.

On Tuesday, West Texas Intermediate crude was down by more than 3%, falling to as low as $57.72 per barrel.

Brent crude, the international benchmark, was down more than 3% at about $63.84 per barrel.

On Friday, we got data from the driller Baker Hughes that showed just one oil rig was removed from service last week. It was the slowest pace we've witnessed in 24 straight weeks of declines.

Also Friday, Goldman Sachs analysts wrote in a note that the slowdown was the "first sign" oil drillers were getting comfortable with oil prices near $60 and would ramp up production.

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Here's the chart showing crude oil's slide on Tuesday:

fut_chart (30)
fut_chart (30)

(Finviz)

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