Crude oil for August delivery fell to an intraday low of $135.14 a barrel on the New York Mercantile Exchange, off $6.23, the biggest daily loss in value since March 19. Futures were last down $4.87, or 3.4%, to $136.50 a barrel. Crude is set to fall nearly $10 in two sessions.
Crude's drop led a broad retreat in commodities. The Reuters/Jefferies CRB Index, a benchmark barometer gauging the prices of major commodities, fell 2.5%. Natural-gas futures declined 4.3%, corn slumped by its extended daily limit of 45 cents a bushel, and gold and other metals futures also fell.
Crude oil getting nearer to my indicator's buy signal. When oil price is down, many analysts will comment that oil bubble is bursting. Before the market knows it, oil price will spike up again.
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