Crude Oil Price Forecast – Crude Oil Continues to See Choppiness

Christopher Lewis
Published: Jun 14, 2024, 17:22 GMT+00:00

The crude oil market continues to see a lot of noisy back and forth behavior, as the global markets are trying to price in war, geopolitics, slowing economies, and inflation at the same time. However, this is a time of year that typically is positive.

In this article:

WTI Crude Oil Technical Analysis

The crude oil market has gone back and forth on Friday, as we continue to look very choppy. And I think at this point we have a market that is trying to do everything they can to show signs of strength and short-term pullbacks Opens up the possibility of finding a bit of value in a market that quite frankly doesn’t really Lend itself to be negative this time of year Although there are a lot of concerns about the Global economy and that of course can have a major influence on demand.

Either way, I believe the $80 level above is the target and I do like the idea of buying short-term pullbacks. I believe that sooner or later, you will have a massive amount of buying pressure willing to step in on value propositions.

Brent Crude Oil Technical Analysis

Brent certainly looks very much the same as the $81.50 level in Brent has been important. We are pulling back slightly, and I do think that given enough time, we will find plenty of value hunters underneath willing to step in and take advantage of cheap oil.

$84.50 is my target, but that doesn’t mean we get there overnight. So please do keep that in mind. With that being the case, I’m a buyer of dips, looking at it as value. And if we could break above the $84.50 level, I would be extraordinarily aggressive and bullish. At this point, I would be a buyer hand over fist, at least for the short-term.

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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