The year 2022 was not a good year for Oil investors as the downward slope that started in March 2022 continued to the end of the year. The highest price level of WTI crude oil in 2022 was at $130.75 per barrel. The last time price touched this price level was in July 2008, approximately 15years ago.
The downward slope continued in the first half of 2023. Price fell to $63.76, the lowest price since November 2021. The bulls in the second half of this year have managed to push price high from the support level of $63.75. A new 2023 high was reached last week as the WTI oil price hit $86.19, the highest price level in 10months. On the monthly chart, RSI has shown that price has been overbought but we foresee price still moving upwards. The current price of WTI crude oil is at $85.23. We see a rally to $87.65 in the coming days.
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