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Oil Is Getting Hammered (USO)

Published by Business Insider on Fri, 05 Dec 2014


Oil is getting crushed.On Friday morning, after the US jobs report came in way better than expected, the price of oil was falling again.In morning trade, West Texas Intermediate crude was down nearly 2% in the last 24 hours, to $65.50 a barrel.This is the lowest level since crude prices dropped sharply late Sunday night after the futures market opened.Following the jobs report, the US dollar also rallied and the stock market bounced around a bit, though each of the major indexes was in positive territory in morning trade.Last week, during a meeting held on Thanksgiving, the price of crude collapsed after OPEC declined to reduce production at its meeting held on Thanksgiving, and while oil prices have stabilized a bit this week, they are losing steam into the weekend.NOW WATCH:Here Are 5 Big Things Paul Krugman Says He Got Wrong Over The YearsOO.ready(function() { OO.Player.create('ooyalaplayer', 'x0aGdycTpUl73fcJMqgf_ScI93bAQMvH'); });Please enable Javascript to watch this videoJoin the conversation about this story
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