The oil market got bullish on the news about Iraq in early June but so far the fighting hasn’t curbed production. Meanwhile, Libyan production is coming back online and that’s undercutting crude prices.
Nine consecutive days of losses grabs headlines but it’s been choppy and net move is only $3.80. Technically, the 100-dma is support at $102.46.
Ryan wrote about why he was betting against oil at the start of the month and I highlighted the downside risks yesterday.
WTI crude oil