Crude oil is getting smoked
And now crude oil is tumbling.
On Tuesday morning, West Texas Intermediate crude oil was down about 2.4% to $58.80 a barrel amid a sell-off in bonds, a rally in the US dollar, and US stocks going nowhere.
Crude oil has traded near $60 a barrel for the past several weeks, as WTI rallied off its March low of $43, which is starting to look like the bottom.
Over the weekend, analysts at Goldman Sachs were out with a note giving an update on its outlook for oil prices, cutting its expectations for price increases over the next five years.
Here's the chart of oil on Tuesday.
(FinViz)
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