Oil is the number one commodity for speculation. Its price is influenced not only by demand but also by geopolitical factors. When oil prices fall too low, many exploration companies may shut down, and some oil-producing countries could face instability. Eventually, this leads to a rebound in prices—a cycle that keeps repeating. Oil is not only a fuel for vehicles, but also a crucial raw material for the chemical industry. In the foreseeable future, demand for oil is expected to remain strong. I predict that WTI $60.00 per barrel is the absolute bottom for oil prices. At this level, we’re likely to see hedge funds begin accumulating this commodity, anticipating strong returns. Woodside Energy has shown strong resilience. Few companies can match its consistent shareholder dividends. It is a cornerstone of the Australian economy. After the 3 May federal election, regardless of which party forms government, economic priorities will ensure continued support for Woodside. If you entered under A$30.00, congratulations.
WDS Price at posting:
$20.07 Sentiment: Buy Disclosure: Held
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