Oil continues down in Asia, WTI/Brent Crude set to make 2018 lows

• Crude dropping in Asia as risk-aversion takes hold of global markets.
• Commodities selloff quickening pace as equities shakeout.

Oil is continuing the slump  in Aisa, with WTI down below 63.50 at 63.35 and Brent Crude last seen just beneath 67.00 at 66.90.

Oil, along with other major commodities, is feeling the sting of the recent equities collapse, with risk aversion quickly becoming the flavour of the week. Oil has benefited from a weakening US Dollar lately, but that influence has ended as equity markets around the world retreat in the face of inflation stoking risk aversion as markets prepare to price in rising interest rates from central bankers.

Oil Technicals

Crude is quickly giving up ground, trading into January lows as Asia markets tumble; WTI can expect to face support at the 63.00 major handle, while a bullish retracement will run into resistance close by at 63.75.; Brent Crude faces support at 66.30 and resistance beginning to disappear over the horizon at 66.90