Crude Oil Price Analysis – Oil Looking to Stay in Large Range

WTI Crude Oil Technical Analysis

The market continues to look very choppy for crude oil in general, as traders are trying to figure out what we are about to do again. This is a market that has a lot to think about.

The market is going to remain very noisy, and I think that makes quite a bit of sense when you look at it as a market that is just waiting on the latest comments coming out of the Middle East. We are at the bottom of the overall consolidation area, so I think that makes sense that we would see a little bit of a push to the upside. I’m not looking for anything major here, but I just think we start to grind higher again. It’s a very slow move just waiting to happen.

Brent Crude Oil Technical Analysis

The Brent market has rallied a little bit during the early part of the session as well, but Brent also has given back some of the gains. That being said, there is support right here, right around the $90 level, and a grind toward the $100 level would make some sense. I also recognize, though, that if we were to break down, there’s even more support closer to the $85 level.

With this being said, I like this market, but I also recognize that there are so many noisy things out there when it comes to headlines coming from various leaders that we probably continue to see more of a grind, a little bit of back and forth as we go. So, I would keep my position size reasonably small.