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Oil Sinks for Second Session


As was the case Thursday, oil is again sharply lower as markets continue to price out the likelihood of near-term fiscal stimulus in the US and the ongoing Chinese Golden Week holiday saps overseas demand. Wires also cite the uptick in OPEC and non-OPEC supply, with Saudi Arabia and Russia most regularly being flagged.

The market-wide risk-off following Trump's positive COVID-19 test has also keenly been felt in energy products, with WTI crude futures now off over 8% on the week. MNI Tech flags next support for WTI at $36.58 Sep8 low and bear trigger, with the Jun 12 low just underneath at $35.54.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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