It is common to find charts measuring the number of barrels of WTI that it takes to equal an ounce of gold. I prefer to look at the relationship between the two as oil priced in gold, where gold in the denominator functions as a universal currency against which to measure oil’s strength/weakness.
To keep the numbers whole, I measure 100 barrels, and not one.
The ratio has been in a wide ranging downtrend channel for a decade, with a countertrend move beginning in early 2016. That move broke its uptrend channel in December, pulled back to retest prior channel support, and has since broken down again on recent trading action. This breakdown is bearish for the ratio, which translates to a long gold, short oil bias over the near to intermediate term.