Crude oil markets grind on Tuesday

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Tuesday, as we tried to break above the $69.50 level. We could not do so, so pulling back towards the $68.50 level makes quite a bit of sense. That was an area that we had seen resistance in previously. However, I think there is an upper proclivity in general, but I also recognize that the $70 level is resistance above, so it will probably take a significant amount of momentum to break above there. That would suggest pullbacks occasionally, but those pullbacks should be thought of as value propositions, as we have seen so much bullish pressure in this market.

Brent

Brent markets also went sideways overall during the trading session on Tuesday, falling ever so slightly. I think there is plenty of support underneath though, especially at the $73 level, so I think that the market should eventually find reasons to go to the upside, but obviously the $75 level is somewhat psychologically important, and that could keep the market from breaking out in the short term. I believe that the $73 level is massively supportive, and a breakdown below there could unwind the market down to the $70 region. However, I suspect that the buyers will show up sooner, rather than later. There seems to be a lot of interest in crude oil as of late, perhaps due to the tensions in the middle east, or perhaps the US dollar volatility.

Crude Oil Price Forecast Video 25.04.18