il prices seeped to
their lowest level in over 6 years, breaking swing lows as oversupply
was confirmed as not being abated any time soon.
OPEC meetings ended
with no resolution on production cuts and lacked any reference to output
ceilings which was the big kicker in sending Oil to new lows.
Commodities were also prominent in the overnight news cycle, with major
Australian export Iron Ore falling to lows, and now trading with a $30
handle next to its name.
Those break-even prices continue to slip further and further away for many of the mid to smaller miners… well anyone not named BHP or Rio Tinto really. When the smaller end of town is forced out of the market, the supply side of the equation will come back into play and could send the Aussie higher