# Oil bulls blink after months of attempts to boost crude prices

> Brent and US WTI crude prices plunged more than 5 percent, their biggest drop since February 2016, after months of range-bound trading. The sell-off reminded traders of the price war that left many US shale producers with weak balance sheets.

- Date: 2017-03-09 · published 2017-03-09T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8361-oil-bulls-blink-after-months-of-attempts-to-boost-crude-prices
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A sharp break from a tight trading range signals that the market is losing faith in the OPEC-led supply cuts, which weighs on energy-linked feed input costs and sentiment.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- reuters.com: https://www.reuters.com/article/us-global-oil-selloff-idUSKBN16G10L/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.