Bottom For oil was May 2023. Oil prices are prepared for strong growth to the upside. NYMEX:CL1! made its bottom in May of 2023.
Three reasons for this case to be made.
Russia cutting OPEC+ production by 500,000. The original balance from OEPC+ was 450,000 barrels of surplus. No Suprise that they cut it by exactly 500,000.
U.S. Now focused on SPR replenishing as opposed to releases.
Strong GDP solidifies no recession, and high employment solidifies strength in the consumer.
