It seems pretty popular that events and news releases happen on the weekend when the markets are closed. The recent drone attack in Saudia Arabia is a prime example.
The markets are closed so the oil prices will not react until the start of trading Sunday night. It still gives traders lots of time to think it over if panic is going to hit the oil market.
There is no shortage of oil in the world as every country wants to pump and sell as much as the can. In the USA refineries blow up on a regular basis, but production gets back online fairly quickly.
Oil could make a drive to $60 before another decline sends oil south, but again early next week should tell us more.
Oil is in a crazy complex correction that is far from being finished and if oil ever falls below the December 2018 low of $45 I must use my bullish wave count.
Oil is still in a death cross but that also can change next week if oil makes a bounce.
The Gold/Oil ratio is far away from being expensive (9.1) as today it sits at 27.13, which is barely a point difference than 10 days ago. The ratio is not an issue at this time.
The commercials are net short but those readings are not at extremes as well. There is lots of room for oil to move in both directions.