Today, the Russian stock market is finally correlating with a weak European market, trading -1.4%, and limping into the close. This is new, and should be noted as a leading indicator for oil prices potentially putting in a short term top. Eventually there is a demand destruction cycle component to oil prices that will matter, however short term it mattering will be.
As the facts change, we will. My short term topside target for crude oil is now $141.41. A short term topping process is underway.
(chart courtesy of stockcharts.com)