Crude Oil Price Analysis – WTI Stalls Near $90 as Weekend Middle East Risk Looms

WTI Crude Oil Technical Analysis

The market for Light Sweet Crude Oil has pulled back just a touch during the trading session here on Friday, as we may have gotten a bit overdone. At this point in time, the market continues to see a little bit of noise right around the $90 region, and as we go into the weekend, there will be a lot of questions as to what happens next.

I suspect that there would be a lot of traders out there that would be a little bit cautious about holding into the weekend. That might be what’s going on. After all, we can get headlines coming out of the Middle East in either a bullish or bearish tone that could open the week up next week with a huge gap.

For the technical analysis, it looks like we’re sitting basically in the middle of the overall range from the war.

Brent Crude Oil Technical Analysis

Brent markets have pulled back from the crucial $100 level. This is a large, round, psychologically significant figure, and again, this is a market that shot straight up in the air all week, so it makes a certain amount of sense that traders would be willing to take profit heading into the weekend.

Again, we just don’t know what happens over the weekend, so the open on Monday in Asia could be very quiet or it could be extraordinarily panicked. We just don’t know, and in this environment, safety is probably the better part of valor here, and traders seemingly want to flatten their positions and perhaps reset on Monday. The $100 level, of course, has a lot of psychology attached to it, so make sure to pay attention.