Latest drop in oil prices may have more legs to run ...Middle East

Geopolitics provided a bit of a boost to oil prices in recent months but it is a factor that always fades eventually. It's no different this time around. And with growing worries surrounding global growth, that is putting added pressure to the outlook for the oil market currently. Not to mention that with so much focus on US data, markets are paying more attention to that factor as well.The plunge yesterday saw oil move to test $70 and is now trading to its lowest levels for the year. That raises the question, is there more scope for the downside to extend?The daily chart above shows some minor semblance of a lower highs, lower lows pattern. But I would argue the weekly chart might be more t

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