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Welcome to the joys of being an energy producer. Overnight, oil was smashed lower by almost 5%:
It’s way oversold but mid 70s looks like a decent first target for a base on the longer term chart:
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The cause was the International Energy Agency punching it twice. From the FT:
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.