Oil lost the monthly trendline, back-tested it twice now and is ready for the fall. 200ma is flat which means a decisive movement is coming. If oil falls, so will yields - signaling deflation which'll cause the FED to cut rates before the election.
Check out my TLT thread, I think you could buy OTM calls with that right now, or on TMF for August-September and make a killing.
If you're in oil, it wouldn't hurt to hedge right now.
AFTER rates are cut, and the dollar starts going towards 97 THEN oil will blast-off with the second leg of inflation..