It appears the growth-is-back-just-look-at-the-jobs-number meme is not flowing through to the oil complex. WTI just broke below $66.00 (having earlier broken below and bounced back above) and is now down almost 1% on the week having retraced most of Monday's kneejerk dead-cat-bounce. This will be the lowest weekly close since July 2009 and down 9 of the last 10 weeks.
From surging dead-cat-bounce to slow death...
To the lowest weekly close since July 2009...
But don't worry, The White House says
- *FURMAN SAYS MOST U.S. OIL PROFITABLE AT CURRENT PRICES: CNBC
Which is just a lie...
Charts: Bloomberg