The oil price quickly moved down after the release of the news that New Mexico broke oil production records.
"New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again."
The Oil price dropped about 150 pips after one hour of the news release and is on the way to continue downward direction. The top level of oil price WTI New York was at $76.95 on 6th of July 2021 and since then the trend is down. The huge recovery since July 19th is impossible but temporary we may see levels close to $70 in a few days time.
World-Signals.com trading strategy is to bet into short positions. If you are not into short positions already at levels of $71.50-$72.00 and above you can enter now or wait this level to open short with a target close to $70.00.