WTI pressured late
Oil attempted to get off the floor a few times today and was doing a decent job of it until the latest round of broad risk aversion hit and sent it back towards session lows just ahead of settlement. Ultimately, crude settled at $71.65, down $1.48. Nearly all of the selling came in the last 3 hours, including 50 cents in the final minutes of trading.
That all points to a bit of a short-term squeeze. There is some support at $71.50 but if that cracks, the last week’s spike low of $70.78 is next. Below the figure it could get ugly.