The wheels are really coming off of oil now, crude down $2

Technical Analysis

Author: Adam Button | wti

WTI in its worst day in six weeks

Crude is plunging. Yet another wave of selling sent it down as low as $50.28.

That takes out the 50% retracement of the March-April rally and is now taking-aim at the $50 level.

There have to be some big offers ahead of 1.35 in USD/CAD because it's hardly budged since oil dropped below $51.50.