Oil Sinks to Five-Week Low as Investors Eye Charts for Direction - Bloomberg:
"Oil spiraled to the lowest in five weeks as surging U.S. crude supply coupled with technical indicators signaling the potential for further price declines. Futures fell for a fifth day in New York, posting the longest streak of losses since April 2017. The U.S. benchmark flirted with its 50-day moving average, a key technical level, while other indicators of market momentum showed the decline may not be over. The negative chart formations follow reports this week that U.S. oil production is surging even faster than previously forecast. “The market narrative is clearly uncomfortable with the lift we are seeing in U.S. production,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, said by telephone. “There is no doubt that production is recovering and that’s a negative.”"
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