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U.S. oil sees steepest one-day percentage decline in more than a year

“The most severe one-day drop for heating oil on a percentage basis since July 13, 2016” writes Markets Commodities Reporter for marketwatch.com. There is also speculation that U.S. President Donald Trump “will hammer Russia on raising oil production” in an effort to push prices lower, and that has “traders running for cover,” he said.That also represented the international benchmark’s sharpest percentage fall in a single session since a Feb. 9 of 2016 and the steepest decline on a point basis since Nov. 28, 2013.The drop marked the worst percentage decline for a most-active contract since June 7 of 2017 and the steepest fall on a dollar basis since Sept. 1 of 2015, according to WSJ Market Data Group.He said part of the import decline was due to the continued output halt at the Syncrude Canada facility.
 
Source: marketwatch.com



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