A report today said Iran nuclear talks were on hold and that led to a brief rally in crude. On Monday, OPEC+ cut production and that led to a similar fleeting rally.
Now oil is breaking down, running stops on a break of the August lows and $85.00. It's not a pretty picture with little technical support until the psychological $80 level.
The bottom line here is that oil is unable to rally on good news and has now broken technical support. The market is clearly worried about a sharp economic slowdown in Europe, lockdowns in China and pain in emerging markets.
