Crude oil is down -$2.15 or -4% on the day.
The Saudi energy minister Falih is on the wires saying the US market is to see "majority" of Saudi oil export cuts.
The words seem to be an attempt to stop the falling price today. WTI crude oil futures are trading sharply lower with price down -$2.15 of 4% on the day at $51.53. Today, the price of oil moved below and away from the 100 and 200 hour MAs at $52.93 adn $52.80 respectively The Jan 17 low at $50.98 and the Jan 14 low at $50.38 are targeted now. The 38.2% of the move up from the December low comes out at $49.70.
