CL: USO: Crude Oil Awaiting OPEC Decision to Boost Production

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil chart is consolidating awaiting OPEC's decision to boost production by 500,000 B/d in February, with a total of 2 Billion B/d increase by April of 2021.
Prices may dip to $45 level. Economic recovery from COVID-19 is in the cards with expectations of higher demand coming in the spring and into H2 of 2021.
Currently, Crude Oil prices are holding grounds, pressured by the OPEC production increases news, but supported by expectations of growing demand.
Based on the OPEC agenda and Russia's position seeking price stability, 2021 oil prices are expected to trade within the range of $45-$55.
Lower prices, down to $45 -42 level may be seen in the near term, while demand has not recovered yet, but production increases are already agreed upon.

Technical analysis: 4 Hr RSI chart shows mid-range consolidation, which may get resolved by testing the bottom before going back up.
Multi-frame MACD chart analyses show consolidation at the top of the range on a Daily chart , with mid-range consolidation on a 4 Hr chart.
The most significant Fibonacci level from the most recent run up appears to be 50% at $45.50, which is also 200 EMA . This area is expected to
get tested first, should OPEC approve its production increases on January 4th. Lower levels of $42 and $39 are also possible targets, depending on the
EIA inventory reports in the coming weeks. We still do not have full demand recovery, while production may start increasing ahead of time.