Slower growth fears hit oil
WTI crude is down $1.95 to a session low at $51.73.
The drop takes out last week's low of $51.80 in a fall to the worst levels since January 17.
The catalyst today is China and corporate commentary from Nvidia and Caterpillar that the economy there is slowing. That will mean less demand for crude and slower global growth.
Technically, oil might be carving out a range from $55 down to $50 as it consolidates following the recent bounce.
With OPEC largely out of the picture there is a focus on Venezuela and the potential for crippling US sanctions. However the global economy is likely to be a key input as well.
