Turnaround in crude
WTI Crude is at the lows of the day, down $1.47 to $63.75.
The latest selling puts oil into negative territory on the week. Crude had rallied $2.65 in the first two days of the week as the market reacted to the US tightening Iran oil sanctions but that's all reversed in the past three days on the combination of USD strength, worries about global growth and flows.
Major oil companies are also reporting earnings today and that could offer some clues on drilling/supply through year end. Exxon shares are down 2.4% on earnings but that appears to be about compression in refining margins.
