BetaShares Crude Oil Index (ASX:OOO) is an ETF which reflects crude oil price movements, by  providing exposure to futures contracts on this commodity.

The COVID-19 pandemic saw a huge disruption in the oil market last year, particularly in April, when the price on futures contracts went negative  for the first time in history. Investors have since seen as much as a 123% rise on the ETF since the April lows.

 

Crude Oil Price per barrel

https://markets.businessinsider.com/commodities/oil-price?type=wti

Further upside in oil prices briefly breaching $70 USD a barrel over night for the first time since October 2018, with a positive outlook for the future as travel restrictions begin to ease, and people return to work, boosting the demand for oil.

 

(OOO.ASX)

• Strong support line tested multiple times. Suggesting a good recovery from current test.
• MACD trending above MACD (EMA) indicating buy signal.

 

Chart Legend

Red/Blue – MACD line

Green – MACD (EMA)

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