Intraday reversal for oil
Oil tried to break above the August range last week but failed again.
Crude has quick turned into the least-volatile asset in financial markets, which is a remarkable change in character from a few months ago. The total range in WTI since the start of July is $4.93, which was a hiccup in the March/April period.
There has certainly been a drift to the upside since May but it pales in comparison to most risk assets. A big part of that is the 10 mbpd of OPEC+ production that's idled and could kneecap the market at any time. I don't think OPEC is going to do that but plenty of members have to be irked at climbing US production as local revenues plunge.
