Mid Term

As traders unwind their commodity bets that oil had bottomed, oil prices plunge

With commodity bulls in retreat today as traders decide that the sell off isn’t over and liquidate their long positions, the price of West Texas Intermediate, the U.S. crude benchmark, has tumbled to $63.35 for January delivery. That’s a drop of $2.39 a barrel or 3.63% on the day as of 2 p.m. The Brent benchmark is down to $66.43 a barrel, a drop of $2.64 or 3.82%.