WTI Crude Breaks The July High Then Closes Below It For The Second Day

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WTI Crude oil finished the day down 24-cents to $41.95.

It rose as high as $42.87 to break the July high of $42.40 for the second day but once again it couldn't hang onto the level.

Oil tries and fails on a break again

I'm starting to get worried about OPEC.

The last week has featured a wave of earnings from energy companies and the constant theme is bringing production back online. I can't imagine that's how OPEC wants it to be. They aren't taking 10 million barrels per day offline so US shale producers can ramp back up.

At some point before $50, I think they start to break ranks and pump more. Maybe they hold together until the US election but they're not going to carry the burden alone.

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