WTI crude prices once again broke below the $70/bbl mark. This time, it closed below that level for the first time in nearly a month. After the US close, a brief rally was cut short by China PMI’s. This comes ahead of the pivotal OPEC+ meeting that will happen over the weekend. What else is weighing on the price of crude? Two weeks ago, the US announced that it would start buying oil to replenish its strategic reserves. This was highly anticipated, since the government had initially said it would start buying at $70/bbl. But, that announcement was for bids that wouldn’t be filled until August. In the meantime, the ... (full story)