The drop in oil prices is continuing to gather pace on the day, with both WTI and Brent suffering more than 8% losses currently. The former is down to $94 levels while the latter is down to $98 levels, both tracking below $100 again.
As mentioned earlier, the array of bullish factors are starting to be challenged and the easing of focus on geopolitical tensions between Russia and Ukraine isn't helping.
I'm still an oil bull but this isn't the day to be picking fights.
The 50.0 retracement level in WTI @ $95.94 appears to be giving way and that outlines a drop towards $90 potentially next.
The 100-day moving average (red line), now @ $84.23, will be a key level to watch in sustaining any major retracement.
In the big picture, I would still argue that dips towards $80 are ones worth catching - that is if the fundamental outlook doesn't change all too much.
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