Oil Just Plunged To Great-Recession Levels

Talk about an oil slick. Few seem to know how much further crude prices can fall, lately. The most recent slide is to levels last seen in mid-2009. The U.S. crude benchmark CLF5, -1.77% slumped to a five-year low on Friday, as shown in the included chart. It settled at $65.84 a barrel — its lowest level since July 2009, back when the U.S. economy was far from recovering from the Great Recession. WTI has tumbled 33% in the year to date, and it’s off 55% from its record high of $145.29 hit in July 2008, according to the markets data group at Dow Jones. Oil prices have been hammered lately by factors such as OPEC deciding not to reduce production, a strengthening dollar and Saudi Arabia cutting January prices for U.S. and Asian buyers.

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