WTI crude oil has extended today's decline to $3 as stops are run. The $82.00 level is holding so far but if it cracks, that would be lowest since October 3 and could spark a further run on stops.
That was two days before the OPEC meeting where a surprise two million per day barrel decrease in quotas was announced.
The latest catalyst for oil declines appears to be worries about Chinese demand and a global recession. Technically, the double top on the chart is also likely to be weighing. If $82.00 breaks, the measured target would be below the September low.
