Oil prices experienced compelling losses, yesterday, and the sell-off got the attention of market participants. But, as we mentioned, yesterday, prices have gone nowhere still, in months. WTI prices rebounded back above $102 for most of the overnight. The gains have eased, and prices are back below the $102 support level, and may finally breakdown. The last of the weekly inventory reports, until the government reopens, showed a large increase in crude oil inventories of over 6.0 million barrels. That was much larger than expected.
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