Crude Oil Price Forecast – choppiness continues on Thursday as we await OPECCrude oil markets continue to be very choppy during the trading session on Thursday, although a bit softer in general. The market looks likely to continue to go back and forth as we wait to see what OPEC will do about its production cuts, which obviously has a major influence on oil markets overall.
WTI Crude Oil
The WTI Crude Oil market has gone back and forth during the session on Thursday, as we await to see what the OPEC oil ministers will do. The major uptrend line on the chart has held, as you can see on the chart attached to this article. This is a marketplace that continues to be very volatile, so I would be very cautious about my position sizing. I think that the market is going to be very erratic over the next 24 hours, but if we can hold the uptrend line, that’s a very bullish sign longer-term
Brent markets fell a bit during the day and were much more negative than the WTI markets during the day. With this in mind, I think that the market will probably continue to see $72.50 level underneath offering support. I think that the market will of course be affected by the same meeting, and therefore I think that the market will be very difficult to get a handle on over the next 24 hours, but if we were to break down below the $72.50 level, that would be very negative and should send this market looking towards the $72 level underneath, and possibly the $70 level. Otherwise, we could rally, but I think that the $75 level will continue to offer a bit of the ceiling. In general, keep your position size small.