What Explains The Recent Weakness In Oil Prices?

U.S. West Texas Intermediate crude oil futures are trading lower on Friday, putting the market in a position to form a potentially bearish closing price reversal top. This will be the second sign of weakness this week with the first being a change in trend to down on the daily chart. This week’s weakness isn’t being fueled by a significant shift in the bullish fundamentals, but anytime crude oil supply rises especially five weeks in a row, traders are going to sit up, take notice and reassess the supply/demand situation. Furthermore,…