Oil dropped but bounced
WTI crude oil settled down $1.11 to $71.04.
The drop today breaks a two-week run of new intraday highs nearly every day. The move had grown long in the tooth but the bulls had something to cling to late in the day as it bounced from a low of $69.77.
There was some positive Iran-deal talk that weighed today but the drop was mostly about big unwinds in the reflation trade.