Crude Oil Price Forecast – Crude Oil Continues to Power to The Upside

Christopher Lewis
Published: Apr 3, 2024, 13:51 UTC

The crude oil markets continue to see a lot of upward pressure as the supply is being threatened in general. Furthermore, we have the yearly cycle of demand coming into the picture.

In this article:

WTI Crude Oil Technical Analysis

The WTI crude oil market did pull back a little bit during the trading session on Wednesday but then turned around to break above the crucial $85 level. As I record this video, we are sitting right at the top of this resistance barrier and if we do take off to the upside, it’s very likely that the $88.50 level. Short-term pullbacks continue to be buying opportunities as the $82.50 level underneath is significant support based on market memory of significant resistance in that area previously.

Brent Crude Oil Technical Analysis

The Brent market is also rising towards the $90 level, and I think at this point in time, it is only a matter of time before short-term pullbacks offer buying opportunities that traders take advantage of. If we can break above the $90 level, then we could go looking to the $92.50 level. We have extended quite a bit, but at this point in time, I think any pullback has to be looked at as value.

The crude oil market will continue to be one that you have to pay close attention to due to the fact that supply is getting stretched and of course conflict only seems to be widening in the Middle East. With all of that being said, I think it is a market that will continue to go higher. The question is whether or not we get some type of pullback or value play that we can take advantage of. All things being equal, I remain bullish in. It’s very possible at this point in time that crude oil becomes one of the best trades of the year.

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?