Oil Unlikely To Rally Much Higher This Summer

U.S. West Texas Intermediate crude oil is trading higher on Friday, but down for the week. Thursday’s steep drop also wiped out most of market’s monthly gain. Although the foundation is there for higher prices before the end of the year, the short-term outlook is a little bleak, suggesting we could be headed for weeks of sideways price action. After hitting a four-month high on July 21, the price action toward the end of this week clearly shows that investors are becoming more concerned about demand. One might suggest that prices would…