WTI crude oil breaks $67 as the selling extends beyond the May 31 low | Forexlive

Heavy selling continues to hit the crude oil market to start the week.

Technical selling is adding to the pressure now as WTI breaks the May 31 low of $67.03 and falls to the lowest since the flash crash in early May.

This wipeout is ominous with little support down to the double bottom near $64. There had been some hope for a series of higher lows above that but that’s certainly in question with a print of $66.80 today.

You have to wonder if fresh Iran deal fears aren’t behind the selling, despite the denials.