Crude Oil Holding Support: 2 Leading Energy Stocks to Buy Now
ECEcopetrol(EC) zacks.com·2024-05-23 04:35

Crude oil prices have been busy this year, rallying from ~70atthestart,toahighof70 at the start, to a high of 88 in early April. Prices have since fallen back to 78today,wheretheyseemtohavefoundabalance.However,withtheUSeconomyremainingextremelyrobust,andstructuraldynamicslimitingexcessoilproduction,Ibelievethereisagoodchancewewillhaveanotherleghigherinoilpricescomingsoon.Iamwatchingthistightconsolidationinthepriceactionofcrudeoilbetween78 today, where they seem to have found a balance. However, with the US economy remaining extremely robust, and structural dynamics limiting excess oil production, I believe there is a good chance we will have another leg higher in oil prices coming soon. I am watching this tight consolidation in the price action of crude oil between 77.90 and $79.60. I think a brea ...