Crude Oil Markets Trying to Stabilize

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the trading session on Thursday to show signs of stability. That being said, the market got absolutely hammered during the Wednesday session, so a quiet session is probably the best thing for the uptrend. There are plenty of reasons to think that oil will continue to go higher, although it does not necessarily have to write this second. In other words, I think that if you are patient enough you should get a nice opportunity to gain from the overall trend, but we may have a little bit of work to do in order to build up the necessary momentum.

Crude Oil Video 11.03.22

Brent

Brent markets have also been relatively quiet during the trading session as we have seen a lot of noisy behavior during the day. That being said, we are essentially hanging around the ¥113.50 level, and that of course is an area that will attract a certain amount of attention as it was an area of magnetism previously. Nonetheless, I think that it is not until we break down below the $100 level that you could start to worry about the longer-term efficacy of the uptrend.

There are plenty of reasons to think that oil goes higher over the longer term, so I think this is just simply a little bit of a breather after the market had gotten far too ahead of itself. I like finding value, and value means buying short-term dips that show signs of support. That being said, keep in mind that headlines coming out of Ukraine could have a big effect on what happens next.

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