Oil heading towards that target

The Russian invasion Ukraine has proved to be the peak in WTI Crude Oil prices.

Fairly, I’ll say for now or at least for 2022.

The long mean reversion story (being the 200 week moving average) remains valid and intact.

Oil prices remain in a downtrend from their more recent high of $122 and continued to make lower highs and lower lows.

Somewhere close to $65 is where it should take a rest and I’ll watch if the tide takes it to $52-$54.

December 6, 2022

by Rob Zdravevski

rob@karriasset.com.au