What if Oil trades down to $51?

I’m keeping a sharp eye on the price of Crude Oil.

WTI Crude (chart below) is currently trading at $67.10.

Last week’s low of $63.64 needs to hold, then broadly the $61.50 mark.

WTI Crude Oil is in a downtrend and it has strength.

Forget about when OPEC+ made a surprise cut on April 2, 2023 and then OPEC announced more intended production cuts on June 4, 2023.

Not so good for any who paid the days tops of $82 and $75 on those respective days.

This week, WTI Crude is back, perching on its 200 week moving average and it’s not oversold.

If the strength of this downtrend accelerates and it barrels through mid $63’s and $61………..$51 may be a figure I start ogling.

June 28, 2023

by Rob Zdravevski

Karri Asset Advisors

rob@karriasset.com.au