The Tell: Here’s the key factor pushing oil prices to $35 a barrel

After enjoying a stellar run-up, crude futures are headed south again, hovering at three-months lows. However, the fundamentals of supply and demand may not be the key reason behind the recent bout of weakness in crude futures.

U.S. benchmark oil, West Texas Intermediate trading on the New York Mercantile Exchange CLU6, -1.98% has lost more than 11% of its value so far in July, as of Tuesday.

Back on June 8, WTI had nearly doubled its value closing at a 2016 high of $51.03 a barrel after reaching a low of $26.21 on Feb. 11.

What a difference seven weeks can make.

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