The oil price reaches $85 on the 25th of October, this milestone was last reached in October 2014. Ever since the price fell in 2014, the price was not able to break the resistance at $77 until October 2021. It has been a good year for countries producing crude oil as price increases as resistance has been broken to the upside. The 2019 and 2020 resistance have been broken to the upside in 2021. As the advocacy has increased for the world to use green energy has increased over the years, this might pose a threat to the price of $CL. The sharp drop of the $CL price during the 2020 global lockdown took the price to $0 per barrel. The Oil price has generated about 80X for investors since the rally from the lockdown dip.
The current price of WTI crude oil price is $78.55. The price might increase after a fall to a six-week low at $77 this week. The breakout from the support level to the downside which occurred yesterday might be a fake-out. A rally might occur as we are moving towards the holiday season, the demand for crude oil products might increase. The price might reach $80 and beyond in the next weeks.
Some of these ideas are in our clients’ portfolios. To understand which ones can work for you or for help to invest for your own wealth, talk to our advisors at FM Capital Group. Would you like more information on Investment Advisory, Portfolio Services, and VC? Schedule a meeting with us here.