Oil Falls 2.9%, Reversing Last Week’s Gains

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Oil Falls 2.9%, Reversing Last Week’s Gains

US benchmark oil prices finish 2.9% lower at $89.41 a barrel, reversing nearly all of last week’s gains in just one day. “Technical weakness prevails,” Peter Cardillo at Spartan Capital says in a research note regarding the market’s sharp U-turn from last week’s bullish mini-rally. Cardillo says weak Chinese economic data and renewed talk of a possible, long-awaited Iran nuclear deal were key drivers in today’s oil sell-off. A very strong move higher in the dollar against its main currency rivals also played a role in today’s oil weakness.