WTI crude futures have tumbled back to a $63 handle, breaking a key technical support, following President Trump comments that he has called OPEC and “gasoline prices are coming down.”
The last 107 days have seen an almost unprecedented surge in gas prices in America…
And Trump’s comments seems to have taken some shine off the mega crude bull…
This has taken oil prices back below the key retracement level…
Additionally, ABN Amro Senior Energy Economist Hans van Cleef writes in a report today that crude oil looks “toppish around current levels” as there is enough supply growth from other nations to offset any drop in Iranian crude output.
via ZeroHedge News http://bit.ly/2PzfR83 Tyler Durden