Oil settles down nearly $1.50, giving back Monday’s big gain

Oil was impressive on Monday but it was driven by a few factors:

1. Data showing net positioning extremely bearish
2. Middle Eastern war worries
3. OPEC demand data stronger than feared

That led to a jump higher in crude to the best levels since July 22 but since then, global growth worries have crept back into crude, sapping it back to unchanged on the week. WTI crude settled lower by $1.37 to $76.98 today.

This article was written by Adam Button at www.forexlive.com.