The fundamentals for oil remain very bearish. One day oil is lower on global growth concerns, the next day it falls on supply worries, and sometimes it drops on a risk off trading day. US West Texas Intermediate crude is now at 15-month lows after falling below the $50 a barrel level. OPEC and allies have now seen their production cut completely wiped out. The $42 level remains major support for oil. Today’s slump with oil prices stemmed from more technical selling after yesterday’s close took oil below the pre-OPEC + production cut low. The collapse in oil prices also put a little dent with this morning’s equity ... (full story)