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As mentioned in our article The future of cars is electric and it will happen much faster than expected posted on 13 Nov 2017: “both BCO and WTI benchmarks are now in a cyclical price upswing that should extend far into next year with the WTI now expected to move into the $70 per barrel”.  More specifically the target was indicated to be the declining 7-Period moving average as leter on updated here and here. In May 2018 or six month after the initial publication the Light Crude Full Future (CLXXXX via ProRealTime) was rejected at a price of $72.9 per barrel by hitting both the down-trending quarterly 20-period and yearly 7-period moving averages. It remains to be seen if this is the final or just an intermediate top in a longer term declining price trend.

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