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Crude on slippery slope as supply concerns intensity
As we reported the possibility at the end of last week, oil prices have absolutely plunged in recent days. On Monday alone, Brent dropped by more than 6% while WTI shed almost 8%. The vicious sell-off has been driven by a number of factors, not least the technical breakdown that resulted at the end of last week when Brent took out key support at $61.30 and WTI $56.50. The sell-off in WTI has been more pounced. That’s because the destocking in US crude oil inventories ended after eight weeks and the rig count increased for the first time in several months, both raising concerns that the supply surplus is here to ... (full story)