I look at this chart and see only one significant move in oil prices that has any relevance to the modern era. A huge run up in oil prices caused by an oil cartel flexing its muscles at the peak of its power; this was a black swan event and not a reflection of market cycles.
Badcharts
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@BlkGold, Listen to the price, make no excuses why the price did or did not do something. The aggregate of market participants are always right. Gold broke out of a huge base in June 2019. WAy before any of this.