On Aug. 20, crude oil futures touched $49.40 but within days fell back to around $43 a barrel.

Executives also remember that only six years ago, crude oil futures were trading below $15 a barrel - a third of today's levels.

Selling accelerated after crude oil futures broke through $20 a barrel, a point of strong psychological support, he said.

If that sounds similar to the story of crude oil futures this year, it should.

Still, crude oil futures fell 55 cents, to $16.21 a barrel.

In New York, crude oil futures hit a record yesterday, closing at $52.67.

When crude oil futures reached $58.60 two weeks ago, the broad stock market rose.

United States crude oil futures closed lower with no fresh news to push prices very far in either direction.

It recently approved new rules limiting crude oil futures to a daily move of $15 a barrel.

The spot January crude oil futures price dropped 26 cents a barrel, to $15.58.