Technical sellers hit oil on the break of the Monday low of $117.20 and we’re now $13 off the intraday highs today. That’s an incredible reversal and puts more downside in focus.
It’s falling very fast at the moment with a low of $111.80.
Update: Oil is falling faster than I can write and touched $103.80 at the low — that’s a $23 intraday drop and one of the largest moves of all time. You know there are problems in the global commodity market when oil goes ‘no bid’.