More talk of high OPEC production sends oil to six-month low

WTI crude plummets

New month but it's the same old story for oil as WTI sinks below $63.59. Crude was flat on the day 60 minutes ago but it's now down $1.80 on the day to $63.38, or 2.9%.

Part of the selling is technical but Bloombergis also out with a survey showing OPEC output at the highest since 2016.

A Reuters survey yesterday showed output up 390K bpd in October but Bloomberg now says it was up 430K bpd.

Another story that's weighing is the possibility of US waivers on Iranian oil. The Aug-Sept rally in oil was partly on the idea that the US was going to be very harsh and provide few waivers but that may be softening.

Technically, the break of the June low is a major event. This is starting to look like a flush.

USD/CAD is back up to 1.3111 from a low of 1.3069 on the oil move.