From a chartist’s perspective, nothing could be less significant to a stock or commodity’s price action than news, so we should treat yesterday’s OPEC story as absolutely meaningless. It seems they could not agree on an output boost that savvy traders supposedly had discounted. The news media made much of this, but all we see in the charts is yet another distributive rally in a bearish pattern that will eventually take the July contract down to 85.07.  We can infer that the move has begun in earnest if and when the futures close for two consecutive days below the 95.11 midpoint associated with the target.