WTI crude prices pulled back from a critical technical level after coming within a couple of ticks of the $62.58 per barrel high hit in May of 2015. Back then oil topped before a collapse in price as three bearish factors caused oil to fall. Fast forward to today. U.S. oil supply has been plunging at a record rate and should fall again for the 8th week in a row.
China will launch a Yuan-based oil futures contracts, with no official launch date, but expected late this year or early next year in the Shanghai International Energy Exchange. Reported by The Wall Street Journal.
European Commission to Recommend Moving onto Phase Two of Brexit Negotiations; Buy the Rumour, Sell the Fact - Sterling Dips on Brexit Announcement; Bitcoin Slides 10% as Crazy Trading Continues; US Jobs Report Eyed Later in the Session.