Oil has had a large run-up of $10 over the last two and a half weeks. I believe Friday's selloff was mostly due to exhaustion and the start of consolidation after this large rally.
Given the continued geopolitical risks. I expect oil to re-test the $80 level before increasing back to the upside. There is large resting liquidity around the $80 - $80.30 levels, so if we get down there I think CL will find major support and return to $81+.