Oil prices are pushing higher again on supply and demand issues.
According to Reuters, “Oil’s decline this week was mainly triggered by a steep rise in U.S. crude inventories and production sustaining at record levels, while signs of thawing demand in China also triggered concerns.”
We also have to consider the pullback in oil may be overdone, especially with conflict still raging in the Middle East. That being said, investors may want to consider jumping into oversold oil names, such as Exxon Mobil (XOM), which now sits at support dating back to late July 2023. Helping, XOM is technically oversold on RSI, MACD, and on Williams’ %R.