5-year and 1 year WTI crude oil prices
(Charting tools by TradingView)
Crude oil price has been falling down and down since July 2014 as there is glut in the oil supply mainly due to:
- US shale oil revolution
- Libya back to oil production after civil war
- Lastly, nobody want to reduce production - OPEC did nothing to support oil price.
As a result, market has turned bearish on the oil&gas counters and net oil exporter countries.
RSI for 5-years and 1-year for WTI crude oil prices broke into lowest indicating strong oversold.
Million Dollar Question:
Is this the bottom yet? Where will be the floor price?
When will the oil price rebound?
At what price level will it normalise?
