Crude Oil Markets All Over the Place

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Wednesday as we have seen the markets move on the latest rumors coming out of peace talks. All things being equal, this is a market that in theory should be very noisy going forward, but that is nothing new as you can see over the last couple of weeks. Ultimately, this is a market that given enough time should have to decide where it wants to go for a longer-term move.

The 50 Day EMA has offered support at the bottom of the day, so it is worth paying attention to. We also have an uptrend line underneath that continues to offer support, so all things being equal this is an area that could be very difficult to break down. If we were to break down below there, then the market could fall apart completely. However, it is more likely than not that we would find plenty of buyers to jump into this market and try to lift it yet again.

Crude Oil Price Predictions Video 30.03.22

Brent Crude Oil Technical Analysis

Brent markets have also gone back and forth during the course of the trading session on Wednesday, as it looks as if the crude oil markets will continue to worry about supply. Yes, even though it looks as if the market is starting to react to those peace talks in Ukraine, the reality is that the supply chain issues with crude oil have long been an issue. Yes, we also have the Iranians and the Venezuelans possibly coming online, so that may equal things out. Either way, we are still in the midst of an uptrend at the moment.

For a look at all of today’s economic events, check out our economic calendar.