Oil hammered
WTI crude settled down more than 9% on the day and all the selling came late. It was up for most of the day and traded as high as $27.24 but broke down late to finish off $2.24 to $23.80.
There is a bit of support around $24.00 but the level on my chart is the 61.8% retracement of the Trump-inspired rally from April 2 at $23.43. If that gives out, I think it's going to be a quick trip back to $20.
There are a lot of people coming around to the conclusion that even a 10 mbpd cut from OPEC doesn't really matter. Too much oil is too much oil and the solution is lower prices.
An hour ago, I highlighted the break in oil below this support line. It was a big one as crude took a one-way trip to $24.04 on the break.
