WTI crude drops to the lowest levels of 2017
This week's huge jump in US oil production was a potential game-changer. There is a massive glut of oil in North America.
Oil prices would probably be below $50 if not for the calamity in Venezuela.
Technically, we're now near the measured target of the double top at $67 so this might have run its course for now. There's also the support at the November high coming into view.
I was on BNN yesterday talking about all the extra oil in the market.