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'Nu'-ked: Crude Crashes Below $70, Breaks Key Technical Support

Tyler Durden's Photo
by Tyler Durden
Friday, Nov 26, 2021 - 04:10 PM

The emergence of 'nu' has sparked demand anxiety in the crude complex and oil prices are collapsing.

WTI is down 12% testing below a $70 handle, the lowest in almost months as the smell of liquidation is in the air....

That is the biggest single-day drop since the day WTI traded in negative territory and is near 3 month low, and has broken a key technical level - the 200DMA...

Before today, Brent had only fallen 10% or more on a single day in 14 occasions since the futures contract was launched more than three decades ago.

Will Biden take credit for this?

Gold appears to be the safe-haven today...

Crypto is a bloodbath with Bitcoin hitting a $53,000 handle...

That is the lowest for BTC since early October...

Bitcoin is finding support at its 100DMA...

But gold is gaining from safe-haven flows...

As the dollar sinks...

Rate-hike odds are plunging...

Is this the 'event' central bankers have been betting on to stem the inflationary tsunami?

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