Various reports about OPEC+ delaying production increases from October to December briefly helped to lift oil today but it only provided an opportunity for the sellers to bail out. The bounces were sold aggressively and WTI settled at the lows of the day, down $1.14 to $69.24.
Many are pointing to global growth and China worries but there is also talk about financial flows driving the move. In any case, the December low of $67.71 is the key support level to watch.
This article was written by Adam Button at www.forexlive.com.
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