WTI Crude Oil Technical Analysis
The light sweet crude oil market has found itself up about 2% pretty quickly during the day here on Thursday, as crude oil continues to get a bit of a boost. While the momentum of course is very impressive, the question then remains, sooner or later, when we will have our supply and demand question.
Brent Oil Price Forecast
Every new Brent Oil analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Brent Oil forecastsThere is a little bit of geopolitical risk out there and of course, with US assets moving into the Middle East, there are concerns about a strike against the Iranians which, I believe, just as the last couple of times, you only have to go back to the middle of June to find this, generally ends up offering a nice shorting opportunity.
$66.00 is an area that I think will be very difficult to break and with the massive efficiency coming out of the United States, now producing 13.5 million barrels, I think at this point we are starting to see a potential short. We will just have to wait and see how we act around $66.00.
Brent Technical Analysis
The Brent markets are very much the same as well as we have the $70.00 level offering a significant amount of resistance. At this point in time, I think you have to look at that as a potential short-term ceiling.
If we could break above $70.00, that will change everything just as it could in the light sweet crude oil market on a move above its barrier, but right now I think we’re getting to the point where we’re trying to find the ceiling. I do think it’s a little early to start talking about shorting, but I also recognize that the supply will eventually overwhelm the demand. Again, I think most of this comes down to geopolitics.
If you’d like to know more about what drives oil prices, please visit our educational area.