Nymex Light Crude broke support at $47/barrel, signaling a down-trend. Follow-through below $45 would confirm.
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.
Taking the other side of an economist is the sure way to make money.
I wouldn’t want to try that with Lars. He has a habit of being right.