WTI crude had another dismal day, plunging over 6% on Tuesday. Rising virus cases in Europe are proving to be the catalyst in oil’s selloff. Bart Melek, Head of Commodity Strategy at TD Securities, notes that WTI has room to sink to the $52 level. Key quotes “The swing lower was triggered by the deteriorating near-term demand outlook in the face of still hampered refineries, surging interest rates and renewed European lockdowns. Expectations that China will import more Iranian oil also played a roll in driving crude prices lower.” “Given that many in the market believe that Chinese imports of Iranian oil will increase to as much as 856,000 bpd (+129% from February), and considering that the sudden influx of Iranian oil is causing congestion in ports, as tankers are offloaded, there may be less able to offload supplies from other sources. This in combination with Saudi Arabia possibly reversing its one million b/d production cuts, and more OPEC+ oil overall could mean that WTI is at risk of correcting all the way down to $52/b.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/JPY slides to mid-148.00s, eyeing monthly lows FX Street 8 months WTI crude had another dismal day, plunging over 6% on Tuesday. Rising virus cases in Europe are proving to be the catalyst in oil's selloff. Bart Melek, Head of Commodity Strategy at TD Securities, notes that WTI has room to sink to the $52 level. Key quotes "The swing lower was triggered by the deteriorating near-term demand outlook in the face of still hampered refineries, surging interest rates and renewed European lockdowns. Expectations that China will import more Iranian oil also played a roll in driving crude prices lower." "Given that many in the market believe that Chinese imports of… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
