Brent futures plunged by more than $10 a barrel, succumbing to the third-largest daily retreat on record. West Texas Intermediate fell below $100 for the first time since May 11. Prices slumped again on Wednesday.
Timespreads — how much traders will pay to get barrels more immediately — continue to trade near records, suggesting an urgent demand and tight supplies. Between 1988 and the end of 2020, Brent futures shed more than $10 a barrel on only three occasions. They’ve done it twice since March, during which time there have been more than a dozen $5 a barrel moves. The Bloomberg Dollar Spot index hit the highest since March 2020 on Tuesday.
The global benchmark is trading below its 50- and 100-day moving averages, while its 5-day and 100-day markers formed a bearish crossover pattern this week. In US crude, breakdown of support levels around $105.50 was followed by a snowball effect as prices pierced through more key levels at $103 and $101, said Fawad Razaqzada, market analyst at City Index.
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