Selling pressure returned to the oil market at the beginning of a new week. OIL.WTI drops over 9% after testing $19 handle earlier in the day. Brent (OIL) started the day below $25 and continued to slide below $24 a barrel. Poor fundamentals, especially oversupply and storage shortage, remain primary causes behind the drop.
OIL.WTI attempts to clear out the support zone ranging around $19.50 after a failed attack on the downward trendline. Source: xStation5
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