WTI crude is down $2 on the day to $54.55.
Signs of life over the past two days have been squashed. I don’t ever think I’ve seen sentiment in a market in a major asset like oil get so ugly, so quickly.
Intraday it’s down 6.8%.
Wednesday’s low was $53.68.
The only decent support on the chart is the $50 psychological level followed by $45.37, which is the trend since 1999.
WTI crude oil monthly
The Canadian dollar has been surprisingly sturdy in the face of falling oil prices.
