Usoil make it

Lately, there has been no shortage of chatter surrounding Crude Oil, and with that, also a lot of calls for a bottom. While I agree it appears to be late in the move to initiate new short positions (-57% decline since July), I don’t believe we have the type of price action supportive of a bottom yet. The price action the past couple of weeks has been uninspiring, with nothing more than a move sideways. This lateral movement, a flag pattern if you will, during strong trends more often than not acts merely as a pause before another push takes place in the direction of the prevailing trend. I’ll be sitting tight waiting for more convincing price action before taking action from the long side.

Oil sees OPEC expressing concerns on robust summer demand
WTI trades back above $85 with arising tensions in Gaza adding to risk premium. Oil traders sees OPEC issuing warning over possible shortage in markets over the summer. The US Dollar Index sees pressure to snap back below 105.00 after uptick in unemployment and PPI data.