Oil Prices Fall 3% Without Real Change in Fundamentals

Oil prices fell again on Tuesday—by more than 3% on the day—indicating a dramatic shift in fundamentals or some geopolitical tension in the oil-rich Middle East. Only neither of those things has happened—at least not today. By 10:30am EDT on Tuesday, the price for a barrel of Brent crude oil had fallen by $2.33 (-3.24%) to $69.51—the lowest price in years. WTI crude had fallen by $2.60 (-3.78%) per barrel to $66.11. But fundamentals have not changed to warrant such a price dip. The API hasn’t issued any figures, nor…