Chart of the Day: Oil’s Technical Chart Supports Goldman’s Bullish Call – Investing.com

Chart of the Day: Oil’s Technical Chart Supports Goldman’s Bullish Call – Investing.com

Chart of the Day: Our Technical Analysis Supports Goldman’s Bullish Call on Oil

The price of has been ranging, as market worries whipsaw between optimism on a reopening global economy versus the resurgence of COVID-19 in many parts of the world which might delay the resumption of business as usual. As well, other concerns include OPEC+ allowing more output and a cyclical cutback in Chinese demand.

One headwind for crude has been the outlook for green energy under the Biden Administration. The prediction being made by some is that oil could start sinking, beginning in 2023, plummeting to as little as $10 by 2050.