The Tell: Here’s the case for shorting oil right now

It’s not looking that great for oil lately, and one newsletter is piling on.

West Texas Intermediate crude CLN7, -0.91% was recently down on Wednesday by 0.9% to $49.22 a barrel, extending last week’s drop that came as OPEC stopped short of taking more aggressive steps to cut production.

It’s time to bet against WTI, as prices “could be in the low 40s two weeks from now” and the commodity faces a “terrible fundamental and technical set up,” says the latest Kobeissi Letter.

“We still do not see how the most recent OPEC deal presents a bullish picture,” Adam Kobeissi and his team wrote in their note dated Monday.

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