There is just no relief in sight for the oil bulls.
Brent rose as high as $51.91 in early Asia-Pacific trading but heavy selling hit once again in the past 10 minutes with prices falling below $50, down $1.10 on the day. Keep an eye on yesterday’s cycle low of $49.66.
Stocks are losing some altitude as well, shedding about 3 points in the past few minutes as oil company stocks slide.
Keep a close eye on USD/CAD as it tests the session high. Look for buy stops above 1.1840.
