Oil Price - Aug 1

dan_s · Post by **dan_s** » Thu Aug 01, 2019 4:45 pm

Stocks Plummet After Trump Raises China Tariffs, so FEAR trumps the fundamentals today.

My take is that hedge funds tightened up their stop loss orders ahead of the Fed meeting. Oil moved lower in the morning and one of two large hedge funds hit the sell button around noon, which triggered a lot more sell orders. Computers do most of the selling on days like this.

U.S. and OECD oil inventories are still falling by more than a million barrels per day.