Trade it: History says oil overdue for a bounce

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A relentless sell off in crude oil prices this week could be setting up a potential buying opportunity, if history is any guide.

On Tuesday, WTI crude oil prices broke below $30 a barrel for the first time since December 2003, leading some traders to speculate the recent losses may be overdone.

In the past five trading sessions, oil prices plunged 15 percent, dragged down by concerns over abundant production along with feeble demand from China.

Now that the price of crude is down about 50 percent from a high of $61 reached in June, could this battered commodity finally catch a break?