Oil prices started dropping last week after the announcement that the UAE and Saudis had reached an informal agreements. Then, the OPEC+ meeting on Sunday made it official, oil prices again started dropping after the open. I don't think the increased supply has been fully priced in yet. That along with uncertainty from the Delta variant is making WTI look a little shaky.
I think it's got some downside risks. It's breaking all kinds of support on the daily (CME CL):
At the start of the US session some pretty hefty selling came into the futures contract(s):
We must learn who is gold, and who is gold plated
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