The WTI Crude Oil chart highlights a possible double top pattern in the MACD oscillator, that could hint at short term bearish reversal. The globa supply/demand curve for Crude Oil clearly sees consistent demand slightly above the supply, although the biggest shortfalls are in shrinking reserves and storage, while also non-OPEC countries have become largely deficient in Crude Oil production. Going forward OPEC countries could decide to free themselves from Russia constraints, therefore increasing the production of Crude Oil. That would potentially require a reassessment in Crude Oil markets between demand and potentially increased supply from OPEC, in order to understand what could be fair market prices for Crude Oil.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.