The gap continues to close
Fresh reports said Saudi Arabia was close to restoring all of its oil output capacity.
That’s compounded yesterday’s 3% decline in oil with another 2.3% decline today. WTI is down $1.29 to $55.99.
I highlighted the bearish dip into the gap yesterday and that’s continue to play out and now threatens erasing the entire 15% gap higher from 9 days ago.