Oil hasn’t been able to take advantage of the weak US dollar today and has fallen below a key level. WTI crude is down more than $1 to $104.70.
The decline breaks the former March high and is closing in on the trend from the March/April highs. Talk about more OPEC production and diminishing geopolitical worries are driving the declines. Flows ahead of quarter-end could also be a factor.
WTI crude oil
Technical longs were dragged in by the surge above the double top on Iraq worries but they’re threatened to be knocked out now.
