Oil is at the lowest level since early August as the Syrian bid continues to evaporate, economic worries mount and production increases.
Nigeria restored three vandalized pipelines and Libyan production to more than 600K barrels per day, according to the Deputy head of the parliament’s energy committee. That’s up from 150K barrels earlier in the month.
Economic worries stem from the Fed’s trepidation about the economy and the looming debt ceiling drama.
The next level of support is in the $102.50 zone and below.
Oil with 100-day moving avg
I have been arguing for oil shorts for weeks now and believe we will see significant downside from here.
