USO retest of 120 this week

Watching $USO closely here. Given the current geopolitical backdrop and last week's inventory draw, I'd put the odds of a retest of the 120 mark this week at around 60%. The daily range today showed a struggle around 120.1, but follow-through buying could easily push it through. However, the -$0.82% today suggests some profit taking after recent gains, so a failed retest and pull back to 117.465 isn't out of the question either, maybe 40% on that scenario. Key will be tomorrow's early momentum and any fresh news flow.