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Crude oil update – Weekly chart
Crude oil hit an all-time high of $147 in June 2008, and has been in a downtrend ever since, until a breakout in January 2022. It formed a falling wedge on the chart over the last 14 years, and had only recently broken out of that wedge in January 2022. Over the last four months, the price has gone from $65 in early December 2021 to hitting $136 this month. The rapid price escalation has been being pushed up due to the Russia and Ukraine conflict. Nine percent of the world’s oil supply comes from Russia.
The price has retraced over the last week to the $100 support level, and is currently trading at $103. There is a good chance that over the next couple of weeks, the price will retrace to test the previous weekly resistance line, which is now acting as support at around $75 – $80. This hopefully will provide relief to consumers over the next couple of weeks.