Crude oil prices rose sharply in 2022 and this has been a major factor in rising consumer prices and inflation.
But the past five months have seen oil prices pull back… and this has been welcome news at the gas pump!
With the holidays fast approaching, consumers are hoping the oil and gas prices continue to fall.
Today’s chart offers some hope to consumers. Below is a “monthly” chart of crude oil. As you can see, crude looks to be breaking below potential triple support at (1). Should crude oil close the month below support, it would be very bearish.
Crude oil is arguably the most important commodity on the planet. If it breaks down, it will cool inflationary pressures. Stay tuned!