Crude Oil Price Forecast – Crude Oil Continues to Look Bullish

Christopher Lewis
Published: Feb 13, 2024, 14:36 GMT+00:00

The crude oil market rallied a bit from the lows of the early part of the Tuesday session, to show how bullish the market is. This should continue to be a situation where value hunters continue to return.

Crude oil barrels and workers, FX Empire

In this article:

Crude Oil Prices Forecast Video for 14-02-2024

WTI Crude Oil Technical Analysis

The WTI crude oil market has rallied a bit to reach the 200 day EMA. The 200 day EMA of course is an area that traders will be paying close attention to as it is a trend defining technical analysis tool. The thought of course, is that if we were to break above it, then it’s possible that we could continue to go much higher. If we do break above it, I think the next stop will be at the $80 level where we have seen a lot of resistance in the past. And of course, it is a large round figure.

If we can break above there, then it’s likely that the market then goes much higher, perhaps to the $88 level. On the other hand, if we pull back from here, the 50 day EMA should come into the picture to offer support, and I do think that a lot of people would be buyers at that juncture.

Brent Crude Oil Technical Analysis

Over here in the Brent market, we have broken above the 200 day EMA, and Brent looks as if it is going to go looking to the $85 level. On the other hand, if we pull back from here, the $80 level is an area that I think a lot of people will be paying attention to not only due to the fact that it is a large round figure, but it is also where the 50-day EMA currently resides. Either way, I think crude oil markets will continue to see a bit of bullish pressure due to the fact that the central banks around the world are almost certainly going to be loosening monetary policy, and therefore demand for energy as the economy starts to heat back up will be the case.

Furthermore, supplies have been dwindling, so everything is coming together for bullish oil markets going forward. With this being the case, I just don’t see much in the idea of shorting this market, as there are so many different reasons for this market going higher overall.

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

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

Did you find this article useful?