The crash in crude continues. Oil prices tumbled down yesterday in the aftermath of the oil inventories release. While the weekly barometer showed a rise in crude oil inventories, it also portrayed a drop in gasoline in distillates. However, the data was probably accompanied by doubts about the seriousness of production cuts as well as cascading stops.
WTI Crude oil is currently trading at $549.38 after having reached a low of $49.18. This is below the support line of $49.50. Further significant support awaits at $46.50
Also Brent Crude follows suit and reaches the $52 handle. Brent, the standard used in Europe, is normally more expensive than the West Texas Intermediate.
CAD Crash
The Canadian dollar is reacting negatively to these developments, as one may expect. USD/CAD tops the 1.35 level and reaches 1.3520.
Further resistance is only at 1.36. Support awaits at 1.3460.
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