Crude falls are likely

Nymex Light Crude broke support at $47/barrel, signaling a down-trend. Follow-through below $45 would confirm.

Nymex Light Crude

Lars Christensen shows that projected oil demand is closely linked to monetary conditions, with a down-turn in oil prices whenever the Fed announces further rate hikes. At present both the PBOC and the Fed are adopting a restrictive stance which should be bearish for crude oil.

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