US Oil in focus: Sitting at 52.00 handle at key daily support
Oil sold down to daily support
The US Oil market has been sold for seven straight days in a row and is testing key daily support at the 52.00 region.
The fears over a global slowdown (led by the weak US ISM manufacturing data) have impacted the demand outlook for oil dragging US crude down. Furthermore, on top of that, US inventories have increased by a more than expected 3.1 million barrels last week according to the EIA data.
As long as the global outlook and equities keep falling, expect oil sellers on rallies.