Iran Vows To Counter Moves By Others To Hike Oil Supply

And perhaps that's the reason USO has shaped up lately. I suppose it is pretty much common sense that Iran would take that position and it's highly doubtful that Saudi Arabia who routinely overestimates their reserves and capacity to bring them online, can do much about it. It's a whole lot easier to turn the dial down then to turn it up.

USO short term is looking range bound, but the longer term trade looks promising, of course you may want to wait to hear what the Fed has to say before committing to any large positions.

Interestingly, the longer term charts are telling us something. Take a look at USO 60 min vs the bear Crude ETF, SCO 60 min.

USO 60 min positive divergence

SCO (bear crude ETF) 60 min. negative divergence. Also note the breakout/breakdown trendlines.

USO/UCO may be an intermediate term trade worth looking into.