Quick drop brings oil to new low for the year

|By:, SA News Editor

There was a burst of volume in oil trading in the last hour, and the price action has been to the downside, taking WTI crude lower by nearly 2% to $43.58 per barrel - the weakest price since mid-November.

In a bear market, any excuse will do, and today there's talk about higher output from Libya. USO -1.6% premarket.

The move is putting pressure on energy shares in the premarket. The XLE is lower by 1% vs. flat action in the S&P 500.

ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, UGA, DTO, USL, DNO, OLO, SZO, UHN, OLEM, OILK, WTIU, OILX, WTID, USOI