The Nymex crude oil futures market on Friday dropped to a 13-month low below $52.00 a barrel as the sharp drop in the market continues. In early October crude hit a multi-month high above $76.00 a barrel and traders were talking “an 80 handle” soon. Since, then prices have sold off sharply amid rising U.S. crude production and worries about slowing world economies. It’s likely than in the near term oil prices will drop below $50.00 a barrel–and don’t rule out a challenge of $40.00 in the coming weeks. Stay tuned!