Crude Extends Selloff After OPEC Revision — Eyes on EIA Report for Rebound Potential

I Crude oil moved sharply lower yesterday, breaking three support lines with ease to settle below most major support. Crude’s sharp move came after OPEC revised US production levels higher, pushing their estimated Q3 balance into a surplus. The weaker projection spooked a thin market, causing a sharp sell-off. Estimates...2 pumpjacks at sunset by vadimrysev via iStock