WTI crude down 3.7%
US oil is getting crushed today, down more than $1.50 to $43.31, breaking yesterday's low. So far, the USD/CAD upside has been limited but it's breaking 1.3100 and touching a session high now so there's some room for upside.
The US Department of Energy releases it short-term crude oil outlook at 1600 GMT. It could contain references to increased drilling activity, something that will further weigh on prices.
The moves today once again underscore that every bounce in oil is a chance to sell.
