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Crude Oil Price Forecast – Crude Oil Continues to Power Higher

By:
Christopher Lewis
Published: Apr 12, 2024, 15:41 GMT+00:00

The crude oil markets rallied again on Friday, as we have seen a lot of pressure present itself in the petroleum markets.

In this article:

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market rallied rather significantly during the trading session on Friday, as it looks like crude oil is going to continue to rally rather significantly. With that being said, I think this is a market that continues to see a lot of upward pressure, and I do think that given enough time, we will break towards the $90 level.

There are a lot of concerns about the supply issue. And of course, WTI is also getting a bit of a boost due to the fact that the U.S. economy seems to be humming right along, as this is a grade that US markets tend to take. The 50 day EMA currently sits just above the $80 level, which I think is the flaw in the market at the moment, but I would also point out that the $85 level underneath is also support.

Brent Crude Oil Technical Analysis

Brent markets look very likely to break out as well, and I do think that eventually Brent goes looking towards the $95 level. The $90 level is a bit of a support and interest, as you can see, and in this crude oil grade, you can see them.

The 50 EMA sits just above the $84.50 level and I think that your floor in the market. Keep in mind that this time of year typically has a strong cycle for crude oil as demand picks up due to travel. And with that being the case, I think you have to look at it through that prism. And it remained very much a buy on the dips market. We have made a very strong candlestick for Friday. So, I think we’re starting to see more aggressive buying.

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.

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