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.
@CryptoFundManager absolutely correct! I'm totally agree with you. Just look ULSDCOAST (PLATTS) CRACK SPEAD (1D chart) and compare level with average level of 2021....it's a double. Buy the oil companies (also gold and mineral mining) next few weeks my friend, when they are in correction. ;-) I will be very grateful if you express your opinion about HMY, GFI, SLB, RIO and VALE. Your opinion is important to me, and I think to your followers :-)