Since both WTI and Brent Crude reached $130 in March 2022, the bears have continued to push price lower. At the end of 2022, price closed at $80.48, a little bit higher than the opening price of the year 2022 which was $75.67.
WTI Oil price opened in 2023 at $80.62. A consolidation that had begun in December which continued into the new year. Though RSI on the daily and weekly chart shows that price has been overbought, we might be seeing a price rally in the first quarter of 2023. Our analysts see the bulls pushing WTI Oil price to $100.
Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities your portfolio? Schedule a meeting with us here