WTI is now trading near the $63 handle, while Brent is also down by 1.20% to $68.48 per barrel
WTI falls to near the $63 handle, where there is support from last week’s low at $63.06. WTI is now trading at $63.13, just bouncing off that a little.
There’s a couple of risk events on the day later as the IEA is going to release their monthly oil report/outlook at 0900 GMT and we’ll have Baker Hughes oil rig count in the US session at 1800 GMT. Some real money being taken off the table ahead of it maybe? Yesterday, OPEC released its monthly report and they estimated that non-OPEC supply will increase by 160K barrels to 1.15 million barrels per day.