The oil price is bid over 73, despite oil consumption from China and U.S. in freefall. Heading towards pandemic lows of 2020. China's construction industry could already have collapsed with a -9% plunge in oil usage. U.S., refineries are cutting 90% of storage capacity. Sounds recessionary? Except, an oil shock cannot be ruled out on Middle Eastern, Ukraine/Russia conflicts.

With the Federal Reserve Bank poised to cut rates in September (17th, 18th) at their next meeting, which has already been priced in by the market, and could be priced in further in a sell off or panic, if indeed the U.S. economy is falling deeply into a stagnated style recession, and yes, with inflation on top.  Such is the confusion of academia laced arrogance within a technocrat wonderland, where an energy/oil shock cannot be ruled out, that being the Middle East and also Ukraine/Russia conflict; Ukraine's invasion into Russia, and Ukraine targeting Russian oil refineries.

With no ceasefire in place after 10 months since Israel's invasion of Gaza, and the widening humanitarian issue, which could lead to Iran and Hezbollah, including Yemen, stepping up attacks on Western/Israeli assets in the region. The oil price remains bid over $73, and averaging at $76 Three month average, this all despite a major slowdown in China, with July crude consumption for the World's 2nd largest economy falling off a cliff, down -9% year-on-year.  Which shows that China's construction industry is in freefall and/or has already collapsed.

Oil price supports at $73 and $70, with price resistance at $75

Three month price average at $76.

Please refer to the above Chart with updated 'price notes'.