WTI Crude futures are down 20% from their early October highs, with the front-month contract back to a $61 handle at its lowest level since April.
As more details emerged of US sanctions exemptions and the US-China trade war stoked concerns over slowing global growth that underpins energy consumption, WTI has plummeted…
WTI is down 7 days in a row. Every big figure on the way down saw technical support/resistance…
“The U.S. has for now given a lifeline to Iran,” said Olivier Jakob, managing director at consultants Petromatrix GmbH in Zug, Switzerland.
“The end result of the sanctions is softer than expected. The final outcome of the sanctions also confirms the political fear of high gasoline prices.”
Meanwhile, after the close today, API will report U.S. crude inventories – which are forecast to have risen a seventh week.
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