After trying to stabilize in the last few days, crude oil prices took another leg lower today, falling more than 5% and below $55 per barrel.  Relative to its 52-week high on October 3rd (less than two months ago) crude oil prices are now down over 30%.  While there have been drawdowns of this magnitude in the past going back to 1991, there haven’t been many, and only five of them went on to see materially larger declines.  Concerns regarding excess supply have pressured prices, but the magnitude of the recent declines doesn’t paint much of a positive picture for global growth.

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