Crude Oil Price forecast – Crude Oil Markets Continue to Struggle

WTI Crude Oil

The West Texas Intermediate Crude Oil market has pulled back significantly during the course of the trading session on Monday, as traders begin to worry about India slowing down. After all, we are starting to see signs that domestic demand is dropping, which of course is very negative for crude oil as India is the world’s third largest importer. That being said, the market has bounced from the 50 day EMA, so it at least looks resilient, and it is probably worth noting that OPEC has not downgraded its outlook for the year.

Crude Oil Video 27.04.21

Brent

Brent markets are faring much worse, but that should not be a huge surprise considering that Brent is more likely to end up in India than it is the United States. Because of this, we have slipped below the $65 level, but it is worth noting that the 50 day EMA is found at the $63.59 level. With that in mind, it is probably worth waiting for a supportive candlestick on the daily timeframe before buying, and as far as selling is concerned, I would be hesitant until we get a little bit lower from here. Ultimately, we are still in an uptrend and that is probably the most important thing to pay attention to.

At this point in time, the market is probably one you want to step away from in the short term, perhaps looking for some type of clue as to where we go next. If we were to break down below the $60 level, that would be the end of the uptrend.

For a look at all of today’s economic events, check out our economic calendar.