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.