The oil market has been a significant source of volatility this month as the uncertainty around the OPEC decision and economy dominate flows. Seasonally, October is also a weak month for crude with some believing the Mexico hedge is the reason why.
In any case, the price action today has mirrored the broader market with crude struggling. It was last down $3.44 to $85.86 after falling as lowas $85.33.
The fibonnaci 50% level from the OPEC rally is at $84.84 with the 61.8% level at $82.78.
