There are many reasons why oil is cruising lower this morning, down more than 3.3%, nearing the magical $40 per barrel handle. There was congratulatory news this morning, regarding Saudia Arabia supplanting Russia as the top oil supplier to China.
Congrats to the House of Saud, as you fist pump while enjoying the coriolis effect of flushing yourselves down the toilet.
Oil is lower. The dollar is higher, by 0.2%. And S&P futs are off by 0.15%.
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