Crude oil looks weak and could be headed toward a level of about $85 a barrel, commodities trader Dennis Gartman said Monday.
"We've already seen how much $120 crude oil there is out there. We know what it costs us to produce this crude oil," he said. "I have a sneaking suspicion we're going to go down and take a look and see how much $85 crude oil there is out there."
West Texas Intermediate crude traded below $100 a barrel for the first time since July on Monday, Reuters reported.
On CNBC's "Fast Money," the editor and publisher of The Gartman Letter cited geopolitics and a U.S. energy-production boom for the downward price pressure.
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