Crude Oil Price Forecast – crude oil flat for Tuesday sessionCrude oil markets did very little during the day on Tuesday, as we continue to digest the massive loss is that we have seen over the last several days. The question now is whether or not we have enough support underneath to lift this market again?
WTI Crude Oil
The WTI Crude Oil market has done very little during the trading session on Tuesday, as we continue to bounce around the $68 region. The back and forth trading will probably continue until we get the next inventory number, just a few days away. I think that there are a lot of concerns about global trade right now, so that continues to weigh upon the value of oil. However, I think that the market could get a short-term pop higher. If it does, I think the $70 level will offer a significant amount of resistance. If we can break above there, then the $71 level will offer resistance as well. I believe that currently, the $67 level is the support that needs to be broken through.
Brent markets were even more flat than the WTI market for Tuesday, hovering around the $73 level. I think there is support at the $72 level and the $71.50 level underneath. We tried to break above the previous uptrend line during the day on Monday but failed. I think at this point, buying is almost impossible, at least not until we were to break above the $75 level on a daily close. If that happens, then I think the market could go higher. Otherwise, rallies are to be sold at the first signs of trouble. This will be especially true if the US dollar starts to strengthen again, which is something that could do in an environment of global uncertainty.