Crude Oil continues to bounce around in tight trading on Thursday

WTI Crude Oil

The WTI Crude Oil market has been choppy during Thursday trading, essentially going nowhere as we await inventory numbers. Ultimately though, I think that the market should continue to be somewhat supported underneath, mainly because of the hedge funds out there that seem to be bullish of oil. Mideast tensions, and the Russians agreeing to a longer-term deal with OPEC of course will offer support. However, longer-term I think that the uptrend is somewhat limited, because we have so much oil waiting at the markets in the United States. I believe that the oil markets will continue to be supported by the uptrend line on the chart, but limited by the $66.66 level initially, and then eventually the $70 level.

Brent

Brent markets fell a bit during the trading session, losing over 1% as the Americans came on board. This is in stark contrast of the WTI market that has done very little, and I think that perhaps it may try to recapture some of the losses. However, if we were to drop down below the $68 level, Brent could drift down to the $67 level, and then the $65 level after that. I believe that the $71 level above continues to be a massive barrier and breaking above there would almost certainly send this market looking towards the $75 handle above, which would of course be extraordinarily bullish. Overall, this is a market that might underperform the WTI crude oil market in the short term.

Crude Oil Forecast Video 30.03.18