Here's why oil prices continue to slumpBRENT CRUDE OILTVC:UKOILBlueberryBrent Crude remains under pressure and has really caught our eye. The weakness in recent weeks is significant. The price recently failed to hold above its 200-day moving average, reinforcing downside risks. Without momentum, prices could revisit June lows unless short-term hurdles at US$69 and US$72 are decisively cleared. This weakness aligns with BP's latest Energy Outlook, which is due out this week (usually in July each year). We'll be keeping a close on global wind and solar capacities, which are projected to increase eightfold and fourteenfold, respectively, by 2050. This rapid growth in renewables, coupled with declining oil demand, suggests a structural shift in energy markets. China is leading this shift. By 2030, it is projected to install over 500 gigawatts of solar capacity annually, surpassing the United States' total annual energy production. This underscores the scale of China's renewable energy expansion. The technical rejection at the 200-day moving average, combined with BP's forecasted demand peak, indicates a bearish outlook for oil. Unless Brent can reclaim and sustain levels above key resistance points, further declines are likely. The convergence of technical weakness and shifting demand dynamics underscores a bearish stance on oil. Traders should monitor key technical levels and remain cautious amid these evolving market conditions. The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.