Oil is taking a steep dive on heavy volume right now, shown in the chart below.
Today is the second day of rocket fire exchanged between Israel and Gaza. Bloomberg reports that rockets are falling inside Israel and warning sirens are being heard south of Tel Aviv.
Despite the hectic situation, oil is falling rapidly. Gold took a similar dive at the same time.
This is also just ahead of the EIA's weekly supply report, out at 10:30 AM ET.
More to come...
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