It is as if fundamental factors are working in league with notable technical events to keep US crude under pressure. After an extended holiday weekend, the NYMEX futures exchange opened Tuesday to significant selling pressure. Initially, the morning’s opening decline was a carry through on the equity market’s slide through Friday’s close (which commodities would not participate in due to the earlier close for the exchange) and a more liquid response to the uncertainty in global finances that the Spain downgrade leveled. However, the bulk of today’s losses were more accurately attributed to a general deterioration in fundamental health through Tuesday’s session.
Read More A Revival of Risk Aversion and Cooling in US Manufacturing Puts Oil Under Pressure Tuesday
