Technical Alert! Oil Starts The Week On The Backfoot

It looks like there is no end to selling pressures on the oil market. WTI (OIL.WTI) declines over 8% and tests $23 handle today. The price is being influenced by following factors:

  • Expiry of May WTI contract tomorrow. May contract for WTI drops more than 20% to around $14.50 a barrel

  • Big US oil ETF announced that it will move around 20% of position into July futures leading to selling on earlier expires (May and June)

  • Hin Leong Trading, the biggest oil trader in Singapore, filed for bankruptcy after losing as much as $800 million on futures trading

OIL.WTI has filled more than a half of the gap triggered by last week's rollover in contract series. The near-term support can be found at 61.8% retracement of the "rollover jump" ($22.40).

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