With Safe havens Dropping in Value across the globe this includes oil
A big reduction on crude inventories failed to convince the Bears to turn into Bulls in the Market. With Russia unlikely to agree to further OPEC cuts along with a number of other countries the world supply isn't going down at a fast enough rate. also people are finding more attractive investments to put their money in creating less demand for Crude.
You can see we had a pullback to the 38.2 on the Fibonacci Retracement from the beginning on the downward move from March where it just fell short of the 55 dollar mark. We are likely to see a lower low where we are expected to challenge the $40 per barrel mark.
Lines draw for a diagonal Head and Shoulder strategy which is providing us more information and evidence in order to support the trade