Crude oil is crashing

Crude oil is crashing.

In early afternoon trade on Monday, West Texas Intermediate crude oil was down over 7.8% to as low as $52.48 a barrel.

This is the biggest intraday move for crude oil since February and the lowest price for WTI crude since early April.

Financial markets were volatile on Monday following the Greek referendum vote against further austerity measures, but crude has been the biggest loser so far.

Crude oil had been trading right around $60 or so since bottoming at $43 a barrel in early March, and Monday's move represents the first real break lower in a few months.

And so while the news out of Greece and China has created uncertainty in financial markets (stocks, bonds, and currencies), the biggest loser right now is the star of 2014: crude oil.

Here's the ugly chart.

fut_chart (10)

(FinViz)

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