Markets swoon as Stocks, Oil and Cryptos plunge

Summary:

Oil.WTI falls over 4% to 2018 low
Crude oil inventory data ahead
US indices in the red as US100 leads the losers
Bitcoin price craters; how low can it fall?

Nearly everywhere you look today there’s heavy declines, with the Oil complex proving no exception. Brent Oil (-4.2%) and Oil.WTI (-4.4%) have both come under sizable selling pressure with the former falling to its lowest level in 8 months whilst the latter has made a new low for the year. These declines have seen recent swing lows taken out to the downside and should the market end the day below them then the break lower would be further confirmed.

It’s a light day on the economic calendar with this evening’s API release arguably the standout (9:40 pm GMT - Weekly API Crude Oil Inventories). After the recent heavy losses the release later today showing the weekly change in inventories will be provided by the American Petroleum Institute. The last week’s reading showed a 8.8 mb decline in crude oil stocks and this number often sets the tone for the more widely viewed DOE release tomorrow.

The recovery seen in US stocks from the October low was fairly impressive, but in recent days this has come under serious threat for both the US500 and US30, while the US100 has actually fallen below last month’s low. The selling in Tech stocks has been largescale of late with the combined losses amongst FAANG (Facebook, Amazon, Apple, Netflix and Google) shares closing in on $1T from their recent highs. October lows of 2603 are on the radar for the US500 with the market falling strongly lower in recent sessions.

Bitcoin's price is down by 30%, Ethereum by 40%, and Bitcoin Cash has fallen two thirds from its recent local high. After a quiet period in the digital coin space, big moves are leading sharply lower. Are cryptocurrencies done? How low can they fall? Our latest market alert looks into these questions and more

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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