Oil extends slump to 4% in a fall to the weekly low – ForexLive

WTI down $2.65 to $63.42

WTI down $2.65 to $63.42

There is some good news on oil today with Indian virus cases looking like they’re cresting but there’s no good news in the oil market.

WTI has fallen below the weekly low of $63.69 to the worst levels since May 3.

There’s a minor trend line from April that’s in play. I like the fundamental backdrop but the technical setup isn’t pretty here.

Combined with the big run lower in USD/CAD, I think we’ll see a retracement. Of course, comments from Macklem are coming up momentarily could change everything.

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