Oil's Future Uncertain as Prices Fluctuate and Banks Play a Role
Crude oil has broken lower and is trading at levels not seen since the end of 2021 due to the banking problems in the US and Europe with Credit Suisse. The $61.50 level is the next logical support for WTI futures, which held three times on retracements in 2021. The breakeven level for quite a few shale wells and fields is around there too, making it relevant again should we get there. However, whether we do or not, and more importantly what happens if we do, is probably dependent on factors outside of oil.