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WTI crude down 2%
Oil is down for the fourth day and has fallen $1.42 to $67.29 today.
The decline has accelerated after weekly US oil inventory data. Inventories are tight and the crude data was tighter than expected but a surprise build in gasoline and distillates set of some modest initial selling that has spiraled. The poor underlying sentiment elsewhere isn’t helping and seasonals are a drag, as I highlighted at the start of the week.
Technically, it isn’t particularly vulnerable here but trade worries could create some skews between various benchmarks.
Yesterday there were reports that Europe was working on an Iran workaround for US sanctions.
This article was originally published by Forexlive.com. Read the original article here.