From Ben Morris, Editor, DailyWealth Trader:
The price action is encouraging…
Since bottoming on February 11 at $26.21 per barrel, the price of crude oil has soared 84%.
The chart below shows a series of “higher lows and higher highs.” It’s a classic uptrend.
In January, when the price was $31 per barrel, I explained to my DailyWealth Trader (DWT) subscribers that a rally back up to $40 was likely. The recent rebound up to $48 per barrel exceeded even my bullish estimates. It has been a tremendous move.
But don’t count on it continuing at such a rapid rate…
U.S. crude oil production has been declining for a year now. But in April, the total inventory of crude oil spiked to an all-time high of more than 540 million barrels. It’s still at that elevated level today. Demand for oil hasn’t grown as fast as it has been…
