USOIL nears $70 per barrel

The price of USOIL is edging toward $70 per barrel, which is our price target for 2024. However, it is becoming increasingly possible that we will see this price taken out even by the end of the current year. With that said, we want to raise another price target for the next year, valued at $65 per barrel.

Illustration 1.01

The monthly graph above shows the U.S. crude oil production. From the start of 2023 until September 2023, U.S. crude oil production rose by more than 770,000 barrels per day, which amounts to about 6.2% (since last year’s highs, the production is up more than 13.5%).

Illustration 1.02

Illustration 1.02 depicts the monthly chart of the U.S. total rig count. Interestingly, since September 2023, the total rig count stopped declining.

Technical analysis
Daily time frame = Bearish
Weekly time frame = Slightly bearish

Please feel free to express your ideas and thoughts in the comment section.

DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor or any other entity. Your own due diligence is highly advised before entering a trade.

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Our price target of $70 per barrel was reached.