The crude oil price today (Wednesday) abruptly fell below $50 again. The decline began before trading opened when prices hovered around $52 a barrel.
By late afternoon, WTI oil prices were extremely volatile, dipping 9.6% to $47.95 a barrel. Brent oil prices tumbled 6.37% to $54.22.
The drop in the oil price today follows a furious rally seen over the past few trading sessions. Futures rose more than 20% from last Thursday through Tuesday afternoon. Early yesterday, WTI oil traded at $50.88, a 2.6% increase from Monday night. Brent oil had an outstanding performance last week when it surged 8% on Friday - its biggest one-day gain since 2009.
Crude Oil Price Today at $47.95 Marks Huge One
Crude Oil Price Today at $47.95 Marks Huge One
