 Good morning to CMC Espresso from the Frankfurt Office of CMC Markets. There is a simple correlation that often works in trading. A stronger dollar weakens commodity prices. Now the US dollar is near its highs of the year, which pushes oil to its lowest price of the summer. Prices around 50 dollars per barrel have been sufficient to stimulate US oil production again. Producers increase, drilling for a fourth week, even as the market contends about abundant stockpiles. Now, at some times an American start using their car to travel on distances for their summer vacation, but it seems that the oil industry overestimated actual demand by a wide margin. Refiners produce too much gasoline, stockpiles are at a 5 year high. Now refineries are starting to cut back production, which in turn increases the probability that there will be lower crude oil demand and higher oil stocks in the coming months and weeks, leaving oil vulnerable to further price corrections. This is the typical pork cycle with stocks with commodities. When prices are high, producers want to profit from it by increasing their production volumes, which in turn leads to an increase in production volumes, which then pressures prices, then produces cutback on production again and the cycle starts anew. It seems with oil at 50 dollars a barrel there has been a cycle high in the markets.