Good morning!

The weekend is over and crude oil is getting crushed.

On Monday morning, the price of West Texas Intermediate crude oil was down more than 4% to trade back below $49 after crude had another wild week in which prices finished lower after trading as high as $54 a barrel.

Monday's drop in oil comes after Friday saw the number of US oil rigs shutting down decline less than the prior week.

A report from Bloomberg News on Monday also attributed some of the weakness in oil to the restarting of a pipeline in Libya that had been out of service due to a fire. 

Here's the early drop in oil prices. 

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MORGAN STANLEY: Here are 3 signs that the oil recovery is nearThis outburst in the middle of a restaurant shows how crazy people are about oil pricesGOLDMAN: The recent decline in oil rigs will not slow down US production