Crude Oil Price Forecast – Crude Oil Give Up Gains and Thin TradingThe crude oil markets have pulled back just a bit on Thursday, but it was all electronic trading as it was Thanksgiving in the United States.
WTI Crude Oil
The West Texas Intermediate Crude Oil market has pulled back a bit during the trading session on Thursday, as we may have to pull back just a bit in order to entice more buyers. At this point in time, you should only put so much into the idea of the candlestick, due to the fact that it was Thanksgiving in the United States, and that of course means that you can only read so much into the price action. Nonetheless though, we have been a bit overextended so this pullback should offer value as traders came back to work. This is a market that should go looking towards the $50 level given enough time, so buyers will probably continue to look at these pullbacks as value.
Crude Oil Video 27.11.20
Brent markets have pulled back as well, but they also look like they are ready to go higher over the longer term. I think we may have a little bit of a pullback ahead, but that should be thought of as potential value in the short term. Longer-term, I think that crude oil is going to continue to have issues, as the market is obviously looking past the vaccine but at the end of the day economy still are going to be relatively sluggish so it is difficult to imagine a scenario where we can continue going higher for the longer term. In the short term though, market seem to be willing to look past any real demand issues. Near the $50 level I would anticipate that there would be selling so signs of exhaustion we would something you should pay attention to.
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