SA: Oil sinks to lowest level since May as Fed taper talk adds to demand fears

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SEEKING ALPHA reports:

– Crude oil futures look headed for their sixth straight loss, sending the energy sector tumbling to the bottom of today’s S&P sector standings, weighed by COVID-inspired demand fears and a higher dollar following the Fed’s comments that it is set to start tapering asset purchases within months.

– September WTI crude (CL1:COM) -3.3% to $63.25/bbl and October Brent (CO1:COM) -3.1% to $66.09/bbl, falling alongside other commodities including copper and iron ore.

– The front-month WTI contract is on its longest daily losing streak since February 2020 and is now down more than 8% this week…

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