BREAKING: Oil plunges over 4.0%

OIL.WTI fell sharply on Monday as weak data from China sparked demand worries. Industrial production growth in top oil importer China disappointed, pointing to a sluggish recovery. Meanwhile, hopes of more supplies from Iran emerged after the state run IRNA said that it could accept the EU’s offer to revive the Iranian nuclear deal. Elsewhere, Saudi Aramco announced yesterday that it is willing to increase crude output to its maximum capacity of 12 million barrels a day if the Saudi Arabian government orders it to do so. OIL.WTI price dropped below $88.00 per barrel and is testing recent lows. Should a break lower occur, downward move may accelerate..

OIL.WTI, D1 interval. Source: xStation5

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