12 hours ago • Posted by Paul de La Baume
#Oil drops amid darkening outlook #WTI $XLE #trading
Oil is headed for its longest decline of weekly losses this year as officials around the world have stepped up the speed at which they are tightening financial conditions, in turn darkening the energy demand outlook. WTI is set for its fourth consecutive weekly loss and its first quarterly loss in more than two years. While USD78.8 per barrel could hold, WTI could be headed to re-test its support at USD72 or below. A halt to rising Treasury yields or a change of market momentum is likely needed to improve investors' mood.