Weekly outlook August 26-30 $USOIL

Although, previously bearish on oil, i am open to the idea of a breakout from the ascending triangle. If geopolitical tensions escalate in the middle east, USOIL prices can serve as a proxy to this conflict. However, as per previous forecast, if geopolitical tensions do not escalate - i dont think they will personally - then 67$ oil is still on the table. Its also important to note that USOIL also serves as a proxy of economic activity - hence why I include it in weekly outlooks. Weaker USOIL = weaker demand for oil = weaker economic activity.