WTI oil contract for June dropped below $6.55

May contract managed to erase some of the yesterday's losses and is trading around $8.50 per barrel.

Situation on the June contract is more complicated as 30% of it is held by USO ETF. That's leaving few buyers on the market and July contract slide to $6.55.

OIL.WTI after sharp decline price managed to rebound and is heading towards $10.00 per barrel. Source:xStation5

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