Oil in an ugly fall after six days of gains

WTI crude down 3.5% Up the escalator, down the elevator. The drop in WTI today is getting ugly with prices down $1.70 to $48.48. Today, I think this is more about flows into the new month than fundamentals. The news from OPEC today was a 2.6% drop in exports to the US and talk of more ahead.
Oil in an ugly fall after six days of gains