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Oil falls to the lowest since August 22

September 6, 2018 by admin 0 Comments

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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.