Some fundamentals and technicals are indicating a bearish move in Crude Oil prices.
Crude Oil rally, from 40 USD to 65 USD triggered by the OPEC cuts seems like losing its strength.
Negative Fundamentals of Crude Oil:
Russia does not seem to be willing to make new supply interruptions
The possibility that China’s future 4th-quarter growth data may not meet expectations tomorrow may push prices down. ( Data will be released tomorrow )
Global demand: Oil markets are heavily dependent on demand and supply talks. There are no strong significant evidence of Global demand.
US Drillers: One of (if not the biggest) the contributors to the downfall in oil prices in recent years. Higher prices and more shale production. It is a question mark.