Crude oil markets negative during the Friday session to open June

WTI Crude Oil

The WTI Crude Oil market has broken down a bit during the trading session, losing over 0.7% as I record this video. The $66 level is support, just as the uptrend line that slices to that area is. I think that if we break down from here, and specifically the $65 level, and it’s only a matter time before we go much lower, perhaps even $60. I think that this market rallying would be a bit suspicious until we made a move above the $69 level, and for me, it looks like if oil is about ready to roll over as we formed a shooting star on the weekly chart as well.

Brent

Brent markets broke down during the day, reaching towards the $76.50 level, before bouncing slightly. I think that there is plenty of resistance though, and I think it’s only a matter of time before we break down a bit more. However, Brent looks like it’s going to do a bit better than the WTI market, so I think that a break down in the WTI market may drive this one right down with it. The $75 level underneath would be the initial target, and we do have an uptrend line on the longer-term charts much lower, so I think that Brent will probably outperform WTI anyway. If we do break down from here, it’s probably best to short the WTI market more than anything else. That being said, if oil markets rally I think that Brent will lead the way.

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