Oil News

Oil fell to below $66 a barrel on Wednesday, extending losses for a second day after a sharp selloff in buoyant Chinese shares triggered wider losses in risk assets.

Crude Oil falls as the greenback gains and demand falls in China

a sharp selloff in buoyant Chinese shares triggered wider losses in risk assets

Oil fell to below $66 a barrel on Wednesday, extending losses for a second day after a sharp selloff in buoyant Chinese shares triggered wider losses in risk assets. Equities markets in Asia, which had rallied for more than a week, mostly fell for a second day, after disappointing corporate earnings results pushed down U.S. markets. The oil market declined because of the equities market. But that’s a fickle strategy to use, and the underlying demand-supply fundamentals are being pushed aside,” said Mark Pervan, head of Commodity Research at ANZ Bank. Crude Oil is trading at $65.72 as of 9:40am, London Time. Crude’s Pool-Position is 88% Long, meaning that most Finotec clients are buying the commodity.

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