In my April 25 Barchart article, I underscored the bullish factors for the crude oil market. These factors included the ongoing conflict in the Middle East, which could potentially disrupt oil supplies, the low U.S. SPR level, and the ongoing debate over the future of traditional energy in the United States.
On April 24, nearby NYMEX WTI crude oil futures were at the $83.07 per barrel level, and the nearby Brent North Sea Crude oil futures at the $88.20 level. Prices have moved lower in May, with the two benchmarks on either side of $80 per barrel as crude oil searches for a bottom.
