USOIL down 17.40%

USOIL was down 17.40% yesterday in a sell-off caused by the news that OPEC is considering higher production levels.

The United Arab Emirates said it would support boosting oil supply because of the disruptions caused by sanctions imposed on Russia after Ukraine`s invasion.

President Biden imposed an immediate ban on Russian energy imports.
UK would phase out imports by the end of 2022.

Only OPEC Can Help The West Replace Russian Oil but until we see that, i think USDOIL will have another rally to $127 - $130.

I think the market overreacted to the news.