Oil drops by nearly 4% on firmer dollar, softer risk tones

Oil down by 3.9% on the day to $59.15

Oil 23-03

The recent plunge from last week is also still fresh in the memories of oil traders as the market pulls back from the recent highs set out early in the month.

The drop today sees oil fall by 4% after price failed to push back above the broken trendline support (now turned resistance) @ $61.97. This puts the focus back on the 19 February low @ $58.59 once again, which held the drop last week.

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