U.S. West Texas Intermediate oil futures are trading lower for the week, putting the market in a position to post a potentially bearish technical closing price reversal top on the weekly chart. This chart pattern typically leads to the start of a two to three week correction. Demand Concerns Move to Forefront Demand concerns are driving the price action this week. Although the OPEC-led production cuts remain supportive, they may not be enough to underpin prices if demand drop substantially. Putting a lid on crude oil futures are renewed worries over U.S.-China trade relations. The growing concerns were fueled by comments on Thursday from a U.S. trade official who felt the two economic powerhouses were still far away from striking a trade deal despite recent optimistic remarks from the Trump administration, and a report that an upcoming meeting between U.S. President Trump and China‚Äôs President Xi Jinping would be […]