US oil looks like it's in a lot of trouble as it continues south
We're down to the low 41's and on the technical front there's really not a lot in the way to the years lows in the 37's
WTI H4 chart
With worries about global growth and oil stocks at super highs it's no surprise oil can't find a bid. If we do slip further down to the lows (or worse) for a protracted period that's going to keep the inflation outlook very weak and even the core numbers are going to start looking dicey
It should also be noted that this latest dip is big reason why the buck is stronger, particularly against the CAD which is up testing yesterdays highs once again around 1.3330
