Oil bounced today and then fell to fresh lows, WTI crude is down $1.35 to $97.87/barrel.
Even worse, the decline comes amidst a plunging dollar.
Worse still, the 200-day moving average broke for the first time May.
Oil daily with 200dma
There no storms in the Atlantic, no heightened tensions in the Middle East and no reasons to buy oil.
I’ve been banging the drum on oil shorts for a few weeks and I’m short myself.
