Today's fall in oil is more disappointing than clouds during an eclipse

Technical Analysis

Author: Adam Button | oil

WTI crude breaks 61.8% retracement

Oil is at the worst levels of the day in a quick reversal. Friday's gain had been the biggest one-day rally since November but with a minor double-top today, crude reversed. The selling has been relentless and picked up in the past few minutes as the 61.8% retracement of Friday's rally gave way.

Unfortunately for the bulls, this means the drop could completely eclipse the gains.

As for what's behind today's drop, there isn't much news to hang it on. OPEC/non-OPEC compliance is said to be 94%.