Oil futures settle at $30.44 after dip under $30
29.93 is the low I'm seeing and the bounce has looked very weak so far. The break of 32.25-32.00 looks to be were any decent resistance will form but there looks to be some noise around the 31.30/40 level
WTI H1 chart
It looks like oil has attempted to push just a little too hard but the weak bounce will be a concern to anyone long from 30.00. The $30 level marks a big psychological line in the sand for producers as a break will open the door to $25 or worse. If we start moving down there the margins will be really squeezed. There's always different levels of production costs, dependant on when wells were invested in, so it's hard to know who faces the real pain and when
Naturally USDCAD has eased off some too and is finding some mild support around 1.4260 as I type
