Oil Steadfast Near Highs

Oil remains at highs, after curbs on China Covid lockdowns have eased. Supply remains tight as OPEC is reluctant to increase oil production. Although they have agreed to boost production, which should help buffer skyrocketing costs per barrel, Saudi Arabian oil prices have continued to increase. We do appear to be seeing a bull wedge or triangle forming at highs which suggests that we may be mounting for another breakout. This would surely meet our next target of $122, and likely establish new relative highs for oil. If we retrace, we should find support at $116, then $113, and $111.