Oil Down Over 50 Percent in Past Six Months

It was only six months ago that West Texas Intermediate Crude (WTI) was trading around 100, with a closing high of 100.80 on 6/23/14. Since that time, the price of WTI has been cut in half, now trading at 48.32, after briefly falling below 48 yesterday, dropping 52 percent. Other related oil names have seen similar price action, with USO falling even more, from a high of 39.35 on 6/15/14 to a low reached yesterday of 18.05, a drop of over 54 percent. OIL traded at 25.91 on 6/16/14, and closed at the six month low of 10.98 yesterday for a drop of 57.62 percent. Whether the oil market is nearing a bottom is open for debate, but the fact that oil prices have come down over 50 percent in six months certainly makes the price much more attractive at these levels.