Crude oil is down over $1.20 currently.
The OPEC president Arkab is on the wires saying that he sees little impact from coronavirus on global oil markets for now. This is according to the Algerian state news agency.
Meanwhile the price of WTI crude oil is trading down $1.28 or -2.38% at $52.90. That still is up from the $52 and 13 sent low seen earlier today. The high for the day reached $53.71. Brent crude is currently down $1.36 or -2.24% at $59.34 after trading as low as $58.50.
The price high in January reach $65.65 on January 8 (the day of the Iran bombing of a US base). The moved to the low today is 20.59% from that high. The contract is also getting closer to swing lows from 2019 between $51.23 and $50.52-60. The low price today reached $52.13.
Clearly the OPEC president is trying to tap the brakes to the downside as key support has approached. A move below the lows would open up the door for more technical selling.
