In November 2017 we published:
On the oil price the following scenario was developed:The oil price reacts very sensitively to minor imbalances between offer and demand resulting in major price swings and 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:
Light Crude Oil Price Future – 10 November 2017
The price target consisting in the combination of a declining trend line and the down-trending 7-period moving average was reached in 2018 before rejecting the price lower. More recently another oil price rally failed again against the 7-period average and the price is back close to where it was at the time the above scenario was posted.