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Oil crumbles to seven-month low

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The pain in oil continues

Oil broke below support at $61.81 in a dive to $61.31. Prices are now down 2.5% on the day and more than 20% since the October high.

It’s been a one-way nosedive for crude as Iran sanctions fall short of the tough talk.

Now the $60 level is directly in the sights of crude.

One thing that could spark a rescue would be a drop in the US dollar after the midterms but how the votes go today and how markets react tomorrow is anyone’s guess.

For now, oil has plenty of company with commodities broadly softer. Nickel, sugar, copper, natural gas and gold are all losers today.

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