Why The Outlook For Oil Prices Shifted This Week

A couple of weeks ago, I wrote here that crude was stuck in a range and would probably remain so until something drastic happened to change fundamental conditions and expectations. I also said that until that came, I would be trading with a long bias, which worked out pretty well. Over the ensuing week, CL gained around 8%… This week, however, has been a different story. It started out okay, with CL bouncing off a lower opening to consolidate those gains, but that all changed on Tuesday, when oil dropped on a report of progress with a proposed…