Crude Oil Price Forecast – Crude Oil Continues to Wait for OPEC

WTI Crude Oil

The West Texas Intermediate Crude Oil market has done very little during the trading session on Wednesday as we await the results of the OPEC+ meeting over the next couple of days and the decision as to whether or not they will be extending production cuts into the month of April. If they are, then it is very likely that we will see oil continue to rise, albeit not nearly as drastically as we have over the last couple of months. At that point, I anticipate that the market moves towards the $65 level again.

On the other hand, if they do not continue the production cuts, it is very likely that could have just formed the top of the market for this cycle. Breaking down below the lows of last week would kick off selling and send this market looking towards the $52.50 level underneath.

Crude Oil Video 01.04.21

Brent

Brent markets of course are essentially trying to do the same thing, as we are drifting sideways overall. The $60 level below is a major support, while the $65 level seems to be the short-term resistance. The same factors that are going to be pushing around the WTI market will also be featured in the Brent market, so keep in mind that the announcement will be crucial as to where we go next. In the meantime, I would fully anticipate that the market simply grind sideways as there was a larger than expected crude oil build coming out of the United States during the previous session. At this point in time, it is very likely that we do nothing over the next 24 hours.

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