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6 months ago

The case for OIL at $65bl.

 

The WTC Oil chart shows the grind higher, recently crossing $50 bl, without any real resistance showing up as selling.
While this may be the “psychological” level and the “breakeven point ” for many producers. Any many will come back on line at these levels, it should be kept in mind it takes a long time to get a well producing again.
With the US driving season approaching and Geo political events unfolding in West Africa, uncertainty of supply remains.
From a Technical perspective the next real resistance level is $61 with a potential technical price target of $65.00 bl.

WTC Daily