By Rich Ilczyszyn
This selloff is the real deal: Crude oil is getting zero help from a weaker dollar, as the market is in full liquidation mode, and is down another $1.50 on Wednesday morning.
In early Wednesday trading, crude has dropped below $96.50, and has blown through most major support levels below $100 just this week. The next major level of support comes in at $94.75.
(Read more: Crude hit by renewed supply worries, this time in China)
Traders await the second report coming from the Energy Information Administration this week. The prior report was delayed until Monday, but this one will be at its regularly scheduled time of 10:30 a.m. EDT Wednesday. The prior report showed that crude inventories rose 4 million barrels in the week ending Oct. 11, which was well above analyst expectations. With inventories building week after week—and this being accompanied by a hit in growth caused by the government shutdown—the path of least resistance remains lower.
You can read the rest of this story at CNBC’s website.
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