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By Chris Becker
The commodity complex continues to careen out of control with oil off 4%, dragging down copper (-1.2%) and gold, but more importantly, sucking the confidence out of stocks. This was on the back of an OPEC output forecast that was cut because of the domestic US shale oil supply but the price coincidence is pulling down energy stocks everywhere.
A surge in US gasoline and distillate inventories hasn’t helped either with WTI now approaching $60USD per barrel. The monthly chart is ominous:
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