WTI crude is down nearly $2 on the day to $50.80 after falling as low as $50.65.
It’s been quite a fall after touching $55 early on Friday but that’s been the story of the past 5 months for oil. Just since the November OPEC meeting, crude prices are down 33%.
The $50 psychological barrier is the next layer of support but few people are willing to step in until shale producers, Russia or OPEC hit the panic button. There are no signs of that with Russian data today showing a 0.7% rise and Iraq’s exports hitting the highest since 1980.
Technically, there isn’t much support until the long-term trend near $45.
WTI crude monthly
