by Greg Guenthner
July was a month of epic market comebacks across the globe.
Then there’s oil.
As the major averages dance with the bulls, oil finds itself in a new bear market. Crude slipped to its biggest monthly decline in a year, dropping 14% after briefly topping $50 a barrel. It’s now more than 20% off its June highs after toppling another 3.7% to start the week.
Pick your narrative. No matter where you look, oil news is bleak. Bloomberg reports that fuel stockpiles are at their highest seasonal level in at least 20 years.