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$1.40 drop in WTI in the past hour

OIL

WTI drops over 1 dollar in the last hour, but no new headline or catalyst.

  • Looks like short term positions could have bailed out.
  • Some desk, suggest possibly related to the Bloomberg story "Libya Reopens Biggest Oil Field, Giving OPEC+ a New Headache".
  • But this came out this morning, and very little reaction in Petro currencies, so the move is more Commodity targeted.
  • MNI tech support is at $39.10 - Low Oct 6

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