Oil Is Getting Crushed On Heavy Volume As Commodities Get Massacred

Business Insider

WTI crude oil futures are getting slammed in today's session. Right now, they're down over 2.2 percent, and a big part of the drop came in just the last 20 minutes.

Metals like gold, silver, palladium, copper, aluminum, etc. are all tanking today as well.

Bloomberg's Moming Zhou reports:

West Texas Intermediate tumbled more  than $2 a barrel following declines in metals on rumors that a  commodity fund is liquidating.

WTI dropped as much as 2.8 percent as silver and platinum  tumbled. Oil also decreased as gasoline futures slid for a  second day from the highest level since September.

“There is a rumor that a fund is blowing up,” said  Stephen Schork, president of the Schork Group Inc. in Villanova,  Pennsylvania. “Metals are getting hit and it’s spreading over  to oil.”

Below is a chart showing the move in oil, including the spike in volume in the light blue bars below the price graph:

And here is a chart of silver, which is off more than 3 percent today:

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