As of 9:35pm AEST - Oil is down $1.61 or 1.39 per cent to US$113.85. Earlier in the morning it touched US$118.
What fundamentals? What supply/demand imbalance? There is a mammoth hurricane that is poised to destroy US oil rigs and nearly a quarter of the country's production - SO OIL GOES DOWN?
This market barely has any support for buyers and is waiting for a seriously sharp slide back to US$80.
The euphoria earlier this year was a Wall St April fool's joke that lasted several months.
PS - Gann, you were going to show me that prices are supposed to be at this level?
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