Oil down another 2% as non-stop rally turns into non-stop selloff
Investing.com - The Saudi braggadocio that they can keep surprising the oil market with higher and higher production cuts may have actually done them in.
“With WTI failing to find buyers at $84, the decline can extend to $81,” said Sunil Kumar Dixit, a technical chartist for oil at SKCharting.com.for the most-active December contract settled down $1.74, or 2%, at $84.07. From an intraday high of $86.50, the global crude benchmark went to a five-week low of $83.84.“This oil market reversal must be frustrating the Saudis,” said Ed Moya, analyst at online trading platform OANDA.
"Demand destruction always plays a crucial role in eventually easing price pressures,” Innes said. “Increasing chatter about more non-OPEC supply coming to market is not working in the bull market's favor this week,”
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