WTI tumbles as stocks turn negative in Wall Street

By FXStreet FXStreet (Córdoba) – The optimism that surged in financial markets during the Asian session and also into European trading, vanished in Wall Street.

The Dow Jones that opened up 1% is now down 0.83%. Crude oil lost $1 during the last hours and dropped to $44.00, hitting the lowest level in week. The barrel dropped almost 4% as volatility continues to reign.

The price of crude moved all day with a downside bias and accelerated the slide during the lasts hours. So far WTI futures had been able to hold above $44.00 but remain under pressure, trading at $44.30.

As stocks decline in Wall Street, the US dollar gained momentum against commodity currencies but dropped versus the Europeans. While WTI turned to the downside, gold rebounded at $1100 and trimmed losses, rising toward $1110. The decline in crude hit the loonie and pushed USD/CAD back above 1.3200.
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Source:: FX Street