Over the past couple of decades, WTI Crude Oil (CL) has been actively spiking and plummeting in between 40.00 and 80.00, to briefly test and spike the waters above 100.00, creating "froth," which has easily been blown off, as shown on the monthly chart below.
In so doing, a "median" price of 60.00 has been established, to where Oil either retreats in times of abundance (and lower prices), or surpasses on its way to scarcity (and higher prices).
As long as the world's supply of Oil remains in the ever-changing hands of differing political idealogues with competing energy adendas, uncertainty will continue to dominate its price, producing wild fluctuations, in the years to come.
For now, the "median" price, and, hence, "fair value," seems to be fixed at 60.00.
P.S. See further information here on the war in the Middle East that has subsequently broken out, following the Hamas invasion of Israel, the masacre of hundreds of its citizens and soldiers, as well as the taking of hundreds of Israeli hostages...all affecting the price of WTI Crude Oil.
