Crude oil is all over the place

Crude oil is all over the place.

On Tuesday, the price of West Texas Intermediate crude oil was down over 3.3% to as low as $50.75 a barrel for the first time since early April. At one point on Tuesday, WTI prices were down 9% in less than two days.

But near 1:00 pm ET in New York on Tuesday, however, crude oil had bounced sharply and down just 1.1% just below $52 a barrel. Earlier, crude oil actually went positive for the day.

WTI crashed on Monday, falling by more than 7%. Just a few weeks ago, WTI was above $61 a barrel.

WTI had been sitting near $60 a barrel or so for a few months after bottoming at $43 in March.

And while oil inventories had been falling ever so slightly in the past few weeks, they still remain near 80-year highs.

Here's the wild ride in WTI prices on Tuesday after Monday's sharp sell-off.

fut_chart (17)

(FinViz)

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