It’s turned into a brutal day for oil. WTI is now down nearly 5% as another wave of selling hits into the settlement.

It’s legged lower in another quick move to $56.30 from $57.15. It had been propped up by some laughably bad geopolitical rumors but it’s rolled over again into the floor.

The settlement is $56.25, down just shy of $3 per barrel.

As traders we often fret about the markets humbling us, but the same market just humbled OPEC, who ostensibly has more control over it than anyone.