WTI crude oil falls below $34
Crude is down $2 and has broken below $34 to $33.98 in heavy selling. This week's oil inventories were much tighter than expected but that was more-than offset by massive surpluses in gasoline and distillates that suggest sharply lower demand for oil from refineries in the near future.
The low so far matches the Dec 21 low of $33.98. That's a big level because it's also the support from the downtrend that began last January.
