Oil Closes Under $100, Drops 9% On The Session (USO)

West Texas Intermediate crude oil closed pit trading at $99.64 per barrel, down $9.60 on the session. It's been quite a while since oil prices have closed below $100 per barrel, as traders and investors fear that higher oil prices will lead to sharply lower demand. Companies like Exxon Mobil XOM, Conoco Phillips COP, and countries like Russia, and Saudi Arabia are saying that the oil market is in a supply glut. Shares of United States Oil Fund LP ETF USO are getting hit hard today, down $3.69 to $39.59, a loss of 8.5% on over 40 million shares.