Black Friday for holiday shoppers was echoed last week by a different kind of Black Friday for the commodities market. The price of crude oil fell by more than 10 percent in a single day, but it was accompanied by other price drops as well: Silver fell 6.4 percent, natural gas fell 6.1 percent, copper fell 5.8 percent.
The trigger appears to have been an announcement by OPEC that those nations would not cut back on their oil production, despite the fact that we are in a bit of a worldwide glut right now. U.S. oil production is also at its highest rate in three decades.
Oil prices are now down 39 percent since the highs they set earlier this year. They're down 52 percent from their all-time high in 2011 - meaning that the price of oil has been cut in half in the space of four years.
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