WTI crude oil daily
Heavy selling continues to hit the crude oil market to start the week.
Technical selling is adding to the pressure now as WTI breaks the May 31 low of $67.03 and falls to the lowest since the flash crash in early May.
This wipeout is ominous with little support down to the double bottom near $64. There had been some hope for a series of higher lows above that but that’s certainly in question with a print of $66.80 today.
You have to wonder if fresh Iran deal fears aren’t behind the selling, despite the denials.