Crude oil remains the fossil fuel that provides energy to people worldwide. On March 20, 2023, I outlined The Reasons Under $70 per Barrel is a Bargain for Crude Oil. That day, the nearby NYMEX crude oil futures contract was at the $66.16 per barrel level. After trading to a low of $64.12, the continuous contract rallied and was above $80 on April 3.
While up until recently, the trend remained bearish with lower highs and lower lows since the March 2020 $130.50 high, crude oil could be on a path that will challenge and potentially end its downside trajectory.
