WTI Oil Update – 07/06/2017 (11:00) – by Arjun Lakhanpal
June 7, 2017WTI Oil Update – 07/06/2017 (11:00): Oil is drifting lower again with WTI down 0.4%. The short term corrective phase continues to develop in line with last week’s impulsive decline suggesting a growing risk that a deeper short term retracement has set in to the rally from the early-May low. With the break of near term support at the 48.25/47.85 area, the focus is back on the 46.00/45.70 zone which includes the 76.4% retracement of the rally from the May low.
