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🛢OIL.WTI extends slide to 15% 🔻🩸🔻

1:16 PM 8 September 2020

Prices down sharply again!

A return of US investors after the long weekend results with a fresh dose of gloom. Few markets feel it more than OIL.WTI – down more than 4% today and 15% from the post pandemic high on 26 August.

The reason? Evidence that economic recovery is stalling just as the US driving season ends. The latest data from China saw oil import down for the second straight month and high frequency data sees global oil trade declining. After breaking 50-day moving average, the price is moving lower quickly with a possible support at still distant $34.60  

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