WTI crude below $70 for the first time in two weeks
All the talk is about China, Trump in Europe, trade and the US dollar rally but oil is a wildcard at the moment. Nearly 50% of the recent rally in oil was wiped out yesterday and crude continued lower today, hitting a low of $69.88 today before rebounding to $70.66.
Libya re-opened the Ell-Feel field today and lifted force majeure at four eastern terminals. That will add around 850,000 barrels per day of shipments.
Technically, I'm watching the 50% retracement closely. You can sense the indecision in oil at the moment. It seems to me that everyone is bullish oil right now, so for that alone I think the risks are to the downside.
