WTI crude down another $1.23 to $42.98
Oil crashed below the May lows in yet-another wave of selling today. Crude peaked a $52 on the day of the OPEC decision and has fallen $9, or 17%, since.
Oil was initially higher to start this week but data showing that crude stored in tankers had risen to the highest of 2017 led to a 50-cent decline in crude prices yesterday. Today, crude fell further after Libya revealed that production is at a four-year high after two fields resumed production. Libya and Nigeria are OPEC members that aren't subject to quotas.
Technically, today's drop below the May low clears the way for a fall to the November low of $42.20.
At the end of US trading today, the latest API inventory data is due. High supplies of gasoline have been a trigger for selling lately.
