WTI falls below 61.8% retracement of this year's rally
WTI crude is down 5% on the day after yet-another bearish US inventory report. The drop cleared the 61.8% retracement of the rally that started in late December.
OPEC secretary general Barkindo is out with some comments trying to stop the bleeding:
- Committed to balanced oil market in 2019 and beyond
- Will take agile, flexible approach in the coming months
- OPEC determined to bring down inventories
