Oil Suddenly Drops To 6-Month Lows After Saudi Prince Comments

Driven by both a technical level break and comments from Saudi crown prince bin Salman, WTI Crude just tumbled to below $47.50 – its lowest since early November…

Breaking below last week’ slows, testing stops below early March’s lows…

WTI broke down to pre-OPEC deal levels…

After Saudi Crown Prince Mohammed bin Salman commented… saying OPEC and Non-OPEC deal was unprecedented, and that the optimistic scenario for oil prices if $55, and $45 is lowest.

*SAUDI PRINCE: SAUDI BUDGET DEFICIT NARROWED MORE THAN EXPECTED

*SAUDI PRINCE: SAUDI ECONOMY AVOIDED RECESSION

*SAUDI PRINCE: NON-OIL REVENUE IN 1Q EXCEEDED EXPECTATIONS

*SAUDI PRINCE: OPEC, NON-OPEC DEAL WAS UNPRECEDENTED

And we also note that RBOB (Gasoline) prices have tumbled to 8-month lows…