Oil prices are way down today.
Brent prices were off -1.9% to $100.27, while West Texas Intermediate declined -2.0% to $93.27.
Citi’s Timothy Evans notes the US dollar index is 0.5% higher today, which has sparked more risk-off trade flows many commodity markets including oil.
“The price weakness in oil, particularly in contrast with the performance of the equity market, helps call attention to these weak physical fundamentals that have long been ignored,” he writes.
Plus, he says, the market remains oversupplied, especially in the U.S.
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