Global growth concerns, compounded by increasing supply headlines, are creating a toxic mix that leaves the oil market feeling particularly vulnerable.
The momentum accounts have moved aggressively into shorting crude futures, leading to a situation where Crude is struggling to find buyers in this market.
With both Brent and WTI crude futures breaking multi-month range lows effortlessly, the technical damage is undeniable, influencing market sentiment further.
As volatility heightens and liquidity diminishes in the top of order books, the market is witnessing sporadic price movements based on limited news, painting a dire picture.
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