Crude Collapse

(Bloomberg) Oil price action has moved from a selloff to a collapse, with West Texas Intermediate plunging 7.1 percent in yesterday’s session. The latest leg-down in the price came after OPEC warned that demand for its crude is falling faster than expected. A barrel of WTI for December delivery was virtually unchanged at $55.75 by 5:45 a.m. Eastern Time as the International Energy Agency welcomed the oil market’s return to surplus.