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Jim Wyckoff

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Crude Oil Spikes Down!–Also a Warning to Other Commodity Bulls

May 24, 2019 by Jim Wyckoff

A feature in the marketplace late this week is the dramatic sell off in crude oil prices. Nymex crude oil on Thursday dropped to a low of $57.33 Prices on Tuesday closed at $63.13. Prices recovered a bit Friday morning. Plentiful U.S. supplies and worries about slowing world economic growth are mostly to blame for the downdraft in crude prices. The spike down in oil prices is a warning signal to other raw commodity market bulls, as oil is arguably the leader of the raw commodity sector. With oil prices in a tailspin, other commodity markets will find price uptrends very hard to sustain.–Jim

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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