Crude is down nearly another 7% today. It’s down 33% since the September high and 13.5% from a year ago.Weekly West Texas Intermediate Chart
WTI Monthly Chart
Stockcharts does not have intraday prices but it does have nice looking charts. The chart shown does not have today’s plunge.
There could be a bounce at any time, but technically speaking, a bounce from the $33-$40 level seems more likely.
What’s Going On?
- The US and Russia are pumping record amounts of oil.
- Trump granted a number of nations exemptions on his Iran sanctions
- OPEC infighting
- Fallout from the brutal killing of a Saudi dissident journalist
- Slowing global economy
Mike “Mish” Shedlock