Lack of Global Oil demand
Slowing down global economies
And now China's Plan to tax US Oil starting September 1.
As I mentioned in my previous Oil report, China- Iran Oil Trade Plan could be validated soon.
After the false breakout of the triangle, we see WTI retesting the triangle. WTI needs to make Daily Closing below 53.13 to continue its move.
Under the current fundamental conditions, I expect the decline in oil prices to continue. As shown in the chart, Daily Closing below $ 50 will accelerate the downward trend in prices. Below 50$, Oil Prices may find medium-term support at 46.80.