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WTI hit a new cyclical high yesterday and is....>

OIL
OIL: WTI hit a new cyclical high yesterday and is clinging onto it today,
trading at $71.13, while Brent continues its recent underperformance but still
remains above support at its 50DMA, currently trading at $77.37. The Brent-WTI
spread is at $4.57. 
- The oil benchmarks have completely decoupled from industrial metals prices
over the past week, causing the ratio to reach its highest level since 2015.
Fundamental headwinds facing oil continue to mount, particularly with the
ongoing drop in the yuan, but the technical picture remains bright. 

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