What to expect after oil crashes over $7?

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For the last 4 days, the price of oil fell by more than $7. This is due to the actions of OPEC+ and rather to the ambiguity with the reductions of the production quotas of the individual countries. Some countries, for example, will even have an increase in oil production, such as the United Arab Emirates, an increase planned for 2025.
Inflation in much of the world, especially in the United States, is affecting consumption, which will continue to decline. Only the entry of the economy on military lines would quickly drive the price of oil higher. But there will most likely be no major escalation of the conflict in Ukraine until the November elections in the United States.
The expectation of world-signals.com is that the price of American oil will drop even to $68 and stay below $80 until the end of the summer.

Source: World-Signals

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