With the overall move towards more sustainable energy sources, I would certainly expect the demand for oil to diminish over the next 100 years. However, we don't trade off such macro perspectives. While certainly in a downtrend, Crude has been posting some predicable and identifiable chart patterns. A bounce back to test the downtrend line is certainly a possibility. Additionally, the EIA (The US Energy Information Administration) increased its demand forecast for crude in 2020. Baring some explosive trade war news or some other recessionary spark, I would imagine the price to claw its way back up over the next few months.
Keep and eye on it over the next few months!
Keep and eye on it over the next few months!