Oil Crashes Below $45 For The First Time In 6 Years (USO, OIL)
The price of West Texas Intermediate oil just slumped below $45 for the first time since 2009. It's fell 5% yesterday, and as of 6.52 a.m GMT (1.52 a.m ET) its already down another 2.42%.
It's reasonable to start talking about how low oil can go. Goldman Sachs thinks that could be $40 for the first half of the year. It's down 59% already since mid-June last year.
If WTI falls another $4 per barrel, down to below $41, it'll be testing territory that hasn't been seen in a decade.