Oil hits an air pocket

Author: Adam Button | Category: News

WTI quickly down to $74.00

I don't see any headlines behind this latest drop, but I'm going to keep looking.

WTI crude just took a dive down to $74.00 from $75.20.

Update: There's some talk about Saudi production but it's nothing new.

Update 2: The drop has continued to $73.33 but there's also talk that a Syncrude facility in Alberta could come back online next week. It was expected to be out all of July.

Update 3: Some continue to point to the Saudi cabinet statement but that news was out hours ago. Al Jazeera published it with the headline 'Saudi agrees to US demand to pump more oil', which isn't at all what the Saudi statement said, so maybe it's the algos.

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