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Perfect timing. After oil ran up ten dollars above it’s recent lows over the last two weeks, reaching it’s 50 day mvg avg. on WTIC, OPEC plus announces a 1 million barrel/day cut in production. Either it was front run and the worst kept secret, or if it was a total surprise, oil would now trade up to the 200 day around $85. Somehow, I doubt it was a surprise and will remain flat or head back down on the old maxim of buy the rumor sell the news. https://www.zerohedge.com/commodities/saudi-arabia-makes-voluntary-cut-500000-barrels-day-may
Nope, its a buy. This is going to result in a trend change. A directional move going higher in other words. At most, Crude will close the gap created on the daily chart today but setting that aside this is a commodity to be owned. If you are taking a position as a futures spec just watch for the gap pullback in case it transpires this week…otherwise you are in at the lows on this cycle. So just hold on to your position and let it run.