The over inflated run is doneoil likely will be trending lower in the short term. i am calling for sub $80 wti maybe mid $75 range. good idea for the sellers today.
Investing.com -- The oil rally is beginning to feel heavy.
Crude prices slid on Monday on persistent worries about post-pandemic growth in China and as players adjusted positioning ahead of Tuesday’s data on U.S. and Wednesday’s Federal Reserve minutes on the central bank’s July policy meeting.
In China, economic data for July mostly trailed market expectations. Among the worst readings were bank loans, which slid to a 14-year low. Consumer and producer prices also declined, and exports slid the most since February 2020. The stumbling Chinese economy and lack of any effective stimulus measures have left the yuan against the , which rallied Monday, adding to the weight of commodities, particularly oil.