Currently there is alot of talk around OIL especially with OPEC coming to agreements and looking at ways to impove their current situations. 

https://www.investing.com/news/commodities-news/opec-meets-to-agree-oil-supply-boost-as-prices-rise-2560827

This is a good article outlaying the current situation with OPEC.

Regardless, of what news reports say or economic data. The market sentiment will ultimately rule over any form of fundamentals or technicals. Until the masses catch up with the prevailing fundamentals then they swap sides but most times it is too late to turn around and the damage is done. 

That is why as traders, the master of skills is that of anticiaption. 

Sharpen that axe, to get it working better. Or better YET so you can work the AXE better. 

OIL - Long or Short?

Jul 19 2021