WTI Holds 'Death Cross' Losses After Unexpected & Large Crude Draw

From zerohedge.com

Oil prices have extended their losses from yesterday with WTI back below $74 following last night's unexpected crude inventory build reported by API. Technicals are also weighing on crude prices after WTI triggered a 'death cross'... chart Crude had risen about 8% since its December low as Houthi attacks on vessels in the Red Sea forced tankers and other ships to divert on longer voyages, boosting costs. Despite a US-led task force to protect the key waterway, nearly half of the container-ship fleet that regularly passes through the Red Sea is currently avoiding the route. Although “the attacks in the Red Sea are ... (full story)