As discussed last week, 11700 is the crucial mark , where the markets can take strong support at a technical level. On the other hand breaking convincingly below 11700 levels will technically cancel the inverse head and shoulder pattern.
Therefore next few days are important to watch for these levels.
Throughout the first half of this year, ongoing global trade tensions have escalated, threatening to spill over, and geo-political risks remained in many key regions. This has resulted in a slowdown in global economic activities, and weaker growth in global oil demand, both compared to a year earlier. Meanwhile, non-OPEC supply continues to increase at a high pace, while the voluntary production adjustments as per the Declaration of Cooperation (DoC) have again risen to record-high conformity levels.
Technically the charts for crude are showing a downward pressure and crude may fall in the coming weeks
Trade Wars, Political Wars along with internal political strife, USA is certainly going through a correction. This correction has probably taken shape of a inverse head and shoulder pattern spanning many months.The last leg of the correction is now in progress and once this is finished , probably by year end, we should have the start of a multiyear bull run