In March 2022, price of WTI rose to $130.37 per barrel, making it the highest price of crude oil in 14 years. Ever since then, the year’s resistance was maintained at that level. The all-time high of crude oil price was reached at $147.40 per barrel in June 2008. During the global lockdown in April 2020, there was an historical price fall. The price of crude oil went as low as negative price, as WTI was at -$40. The price closed on the 20th of April 2020 at -$37.51, as there was little or no demand for crude oil globally. The next day after this historical fall, price was back to double-digits.
The most part of Q2 2022, shows price has been over $100 most of the time. Some analysts have concluded that world might see a recession soon. Commodity prices globally might fall if the recession becomes a reality. As investors have concerns about the likelihood of a recession, and the Biden administration is prepared to step up its fight against lofty pump prices by calling a tax holiday on gasoline. The WTI fell to 104.40 from $109.74. As it stands, the oil price is headed to the first monthly loss since November 2021. If this fall persists, the oil price might fall to $62.63 per barrel which was the December 2021 support level. On the daily chart, between January and February 2021, RSI showed at three different occasions where price of crude oil has been overbought.
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