NSE:OIL dropped significantly in 2008 and 2020 covid crash (even went negative for a short period).
Now NSE:OIL has formed a head and shoulders looking to move towards the neckline to confirm the right shoulder indicating to me lower prices for oil are coming.
NSE:OIL is down 5% today alone despite the news of Saudi Arabia reducing production to prop global oil prices up.
Having access to a cheap reliable abundant energy source is the bedrock of any strong economy in 21st century.
The deflation wave has begun created by the FED Quantitative Tightening Monetary Policies.