Oil falls 2.5% in worst decline since July 7


Oil defensive today

Last week it looked like crude might break above the range around $40 but it’s been sucked back lower and is in danger of falling back to $40.

The drop today is really a macro story with risk trades struggling broadly on fears about slowing consumer demand and virus flare ups in a number of countries.

A break below $40 could spark a run on stops at the late-July low of $39.83.

Update: There it is, quick move to $39.59.

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