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For most of the last 2 plus years, I have been largely bearish on oil. With occasional bounces, I was either bearish or ambivalent, especially since the 2022 high after the start of the Russian incursion into Ukraine.
The chart is sending a very strong signal that a major turn is imminent. WTIC has had a strong bounce of more than $10 off of it’s early Sept. lows. The chart below shows a huge 3 plus year base, that looks ready to breakout and signal a major turn.
If WTI closes above $77.20, it likely means that whatever forces have driven it lower over these last two plus years, are reversing and leading to at the least, a significant move higher.
Given the sharp ten dollar rally off of it’s recent double bottom, a two to four dollar pullback to the 50 day mvg. avg. around $72.66, or more likely the 20 day which will soon be around $71, would not be surprising. This Fiday or next Monday would be my expected timeframe. Watching and waiting for a likely pullback, followed by a breakout and follow thru. 
In my opinion/guess it is all about Middle East. If Israel hits back Iran, it goes higher. Israel hits oil fields, it goes even higher. Iran hits back, oil goes eve higher.
If no more escalation from here on, oil goes down because it has to (elections)
Could very well do all those things. Since I see a pullback based on the chart and technicals, that could take us all the way to the election but not likely. Any of those other events could be the excuse for the expected breakout.
Chances that Israel doesn’t strike back???? Between zero and none!
Favorite oil charts? EOG, MGY, SU, CNQ
Anybody else got a favorite??
I have VAL and RIG.
Both are under-performing lately.
Both are off shore drillers, safer on a long run, not exposed to local politics
Actually planning to get rid of RIG on next run up and add to VAL 2028 warrants
In this space, I’m a big fan of TDW and FTI.
If you want yield to go with cap gains XOM recently broke out to new ATH. It ran 15+ points so would look for a pullback to enter.