Oil has struggled since OPEC decision
It's all about gasoline today.
A nearly 7 million barrel build in gasoline inventories helped to send oil down $1.32 to $56.32.
Technically, the uptrend since early October has given way in a bearish signal. Last week's lows were also breached in the decline.
The drop has helped to boost USD/CAD as it nears 1.28, up more than 120 pips sine the BOC decision.
To me, the area of support at the mid-November low near $55 is the first area to watch, followed by $53.
Year-end is a traditionally weak seasonal period, averaging a 2.45% decline in the past decade and 1% since 2000.
