Oil prices (WTI futures) perked up on Tuesday, up more than 2.5% to ~$79.00 per barrel, after a relentless sell-off in recent days, but settled slightly below their best intraday levels as risk assets, such as equities, came under pressure in afternoon trading. Despite today's moves in the energy complex, the near-term outlook for WTI appears bleak, especially after major levels have been invalidated over the past two weeks. Looking at the daily chart below, we can see that light crude futures are trading below the 200-day, 100-day and 50-day moving averages and have been making lower highs and lower lows ... (full story)