Crude Oil Price Analysis – Oil Drops on Thursday

WTI Crude Oil Daily Forecast

The Light Sweet Crude Oil market has fallen a bit during the early part of the trading session on Thursday as we continue to dance around the 50-day EMA.

Ultimately, this is a market that I think continues to see a lot of volatility and I do think that we will continue to hang out in a range. This is being driven by headlines coming out of the Middle East and the idea of whether or not we are going to see any type of relief to the conflict in the Middle East.

The question at this point in time is whether or not we can get some type of agreement, but it really doesn’t look like it now. It seems like it’s the same pattern. We continue to see the serious problem of traders looking at the lack of progress in peace talks between the Americans and the Iranians as still threatening supply. So, I think this pullback somewhere around the $90 level will start to attract buyers.

Brent Crude Oil Daily Forecast

The Brent markets are very much the same as well, and I think ultimately, we have a scenario where we are trying to get back to the $100 level. It may take some time. The $90 level underneath is going to be a bit of support.

I don’t necessarily like shorting this market, but I recognize we will continue to bounce around on the latest headlines. The market has a wider consolidation area, and we are in summer, which does tend to be range-bound regardless. So, I’m looking for a bounce to start buying this market again.