Brent Crude: Intraday Rally Review

July Is the next active month and we can see a small rally has taken place which could be part of another zigzag in Minute degree.  For this particular bear, rally wave count to last Brent crude must crash below $67 which would be about another $6 price drop!

Of course, all the bearish reasons why Brent crude is crashing will come out, as it’s the analyst’s job to produce the fundamental reasons why.  Oil has been crashing even though commercial hedgers were still long last week.

I’m pretty sure some analysts will blame the price swings on climate change as the Green parties seemed to take control in Europe.

The fact is any price surge in oil will always get stopped as traders start to see a temporary glut in the making.
The Gold/Brent ratio is 18:1 which is still very expensive to my liking.
Brent could remain bearish for a month or so but summer holidays may change the supply and demand scenario again.

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