Yep>"Oil hasn't had a major reason for monster squeeze for a while now so lot of bull build up there. Bulls won't tip hand until something breaks, then train is gone. "
Both crude oil benchmarks are now almost a third below their last peak in May as traders brace for lower refinery consumption after the summer, while weak global demand and high production fuel concerns about oversupply. Data also shows speculators have taken huge bets on further falls and hedge funds have cut their net long holdings of Brent for a fourth straight week. Brent crude is trading down 0.6% at $48.45 a barrel, while WTI is 0.8% lower at $41.55/bbl.
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