It’s been a tough week for oil, and today is no different, as the earlier rally attempt has faded. Oil is dropping to its lowest level in more than three months. WTI is down, another 1.70% to $48.44 and Brent is down, 1.65% to $51.33. 

The latest Baker Hughes rig count isn’t helping matters. This is the 8^th consecutive week that US oil rigs have risen, this week by 8 to 617. Oil is currently on pace for a 7% decline for the week, making this its worst performance in five months.

The markets have given up most of the earlier gains, with the Dow down, and the S&P500 and Nasdaq holding on to slight gains. Materials, Technology and Telecom are the bright spots, while Energy, Financials and Real Estate lag. Advancers still outpace decliners 1607/1286 on the NYSE and 1493/1300 on the Nasdaq.