The main exchange-traded fund holding oil stocks is up more than threefold from the low it hit early in the pandemic. Don’t expect to ride it higher.
West Texas Intermediate crude is now at about $78 a barrel, up from negative territory in April 2020. But WTI, and oil stocks, just can’t seem to surpass certain levels. Both of those levels are so-called long-term resistance, or points at which sellers have come in for more than 10 years now. Worse news in the Middle East or better-than-expected economic demand could send oil prices and stocks up toward those resistance levels, but it would take a significant surprise on either front to send prices above them.
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