Oil Markets Tumble On New Lockdown Measures

U.S. West Texas Intermediate crude oil futures are edging lower on Friday as traders try to consolidate prices after another week and month of losses. The current price action indicates that chart-watchers are recognizing the importance of a key 50% to 61.8% retracement zone of the entire late-April to late-August rally. Does this week’s price action mean the selling is out of control? No. All we can surmise is that the fundamentals have worsened enough since about August 26 to take away about half of the entire rally from April. Since that…