Oil drops 5 percent to $80.52, Mike Shedlock notes

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Oil drops 5 percent to $80.52, Mike Shedlock notes — Oil falls to $80.52 despite deal

Mike Shedlock, author / blogger at MishTalk, highlights three reasons why the price of oil may have reached a bottom, even in the face of a recent deal.

West Texas Intermediate crude oil has fallen another 5 percent to $80.52, while Brent crude stands at $83.27. The commentary questions whether oil prices might continue to move lower from current levels.

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Shedlock has tracked ongoing price declines in other asset classes. Earlier, he reported that Bitcoin remains in a downward wave with little change since March. He also previously noted that consumer credit stress is now approaching levels seen during the Great Recession.

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