OIH: The Bullish Trend Falters
Summary
- Crude oil prices have declined due to OPEC+ production increases and seasonal demand drops, impacting oil services stocks like Schlumberger, Baker Hughes, and Haliburton.
- The U.S. election will significantly influence energy policy and oil prices, with potential volatility and opportunities in oil services ETFs like VanEck Oil Services ETF.
- The OIH ETF’s recent decline could present a buying opportunity, especially if oil prices stabilize or rise due to geopolitical tensions or policy shifts.
- Despite recent bearish trends, traditional energy will continue to dominate, and significant selloffs in OIH could be strategic entry points for investors.
- Looking for more investing ideas like this one? Get them exclusively at Hecht Commodity Report. Learn More »
Jeremy Poland
In early September, the international oil cartel said it would increase production, sending petroleum futures prices ( CL1:COM ) lower. After reaching an $87.67 high in April 2024, crude oil prices have made lower highs and lower lows. Nearby NYMEX WTI crude
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