Crude oil collapses to a stunning new low

Along with almost all other assets, crude-oil prices are collapsing.

In afternoon trade on Monday, the price of West Texas Intermediate crashed more than 6% to break below $38 a barrel, a new post-financial-crisis low for the commodity that has been getting hacksawed this year.

WTI prices are down about 60% against a year ago, and after finding some stability earlier this year, oil prices have been rolling over again.

Crude oil has been getting hammered along with the entire commodity complex, but crude is also battling oversupply from the continued pumping of OPEC members, such as Saudi Arabia, and from the fracking that has production in the United States near multidecade highs.

Here's the latest leg lower in WTI:

fut_chart (8)

(FinViz)

NOW WATCH: BLACK MONDAY: Another market meltdown

More From Business Insider

• If energy prices are crashing, then how are refiners raking it in?
  

• There goes oil ...
  

• $40 oil could be a game changer for Russia