Oil Slides off OPEC Production Cooperation

Oil has retraced sharply off news that OPEC is planning to oblige the demands of the west and increase oil production. We are still holding onto the $100's, but dipped by double digit percentages down to 106, where we found support. Currently we are seeing a nice pivot back through 112, with the price currently in the vacuum zone between 112 and 116. Russia is consistently in the top 4 oil producing nations, so boycotting them will place further constraints on existing supply issues. Therefore, any selloff in oil is likely transitory. It is not likely we will give up the $100's any time soon and $101 is a likely floor for now. If momentum reignites, then $116 and $122 are the next targets before $132.