Crude Oil surges higher for its 8th consecutive green day and closes at its highest price since November pic.twitter.com/0iejGzbECk
— Barchart (@Barchart) September 5, 2023
Today’s Chart of the Day was shared by Barchart (@Barchart). Crude Oil futures continued higher for the eighth consecutive session today, closing at a nine-month high of $86.69. It will be the longest winning streak in over four years if it rises again tomorrow. Last week was its best week since March, as it gained over +7% and reclaimed a key area of resistance around $81-$83. The next apparent resistance level is another +7% higher, around $93. Crude Oil’s +30% rise since mid-June has been a boon for Energy stocks. The Energy sector ($XLE) is up +12% in the second half of 2023, making it the best-performing sector by a wide margin. For comparison, the next best sector ($XLC) is up just +3% over the same period.