WTI is ready to fill the gap both fundamentally and technically.
+Technicals: Yesterday's close below Monday's lows RSI showed divergences at peaks Today we are under the daily pivot point Yesterday's drop was very quick with massive volume Gap is not filled
+Fundamentals: Bad API report Faster than expected output recovery Slowing world economy - lower oil demand Recession fears Trade-war(s) Except this short shock there is oversupply on market and inventories Around 60 $ US increases its pala oil production There is a chance of easing sanctions with Iran in longer term Trump does not want war and higher oil prices,especially before elections Higher oil prices generating higher inflation, which undermine central banks rate cut plans Seasonality - Q4 is usually a decreasing period of oil prices
-Cons: Further attacks Fears pricing in Aramco's IPO - better higher prices If rate cuts and QE helps (?) oil can increase again
All in all, short term is bearish now, longer term is opened for me.