Oil falls below $60 as the rout continues


5-handle on oil

What a swan dive.

WTI crude is down another 1.5%. That’s now 22% since early October in a brutal one-way drop. With the break of $60, crude also takes out some minor support at the March lows and trades to the lowest since February.

The Feb low of $58.05 is also the low of 2018 and is now the lone remaining key support level.

USD/CAD has risen to a two-month high today in part due to oil. It was also lifted by reports of trouble with the USMCA trade text and by a Montana judge who blocked the Keystone XL pipeline.


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