Christopher Lewis
Add to Bookmarks
Crude Oil daily chart, November 07, 2019

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Wednesday, as we are dancing around the 200 day EMA. The inventory number missed by almost 7 million barrels, which of course is a horrific number. However, this announcement has a long history of being all over the place so it is more than likely most traders will put too much thought into it. At this point, the market looks very likely to chop around in general, and as a result it’s likely that we stay within the range.


Crude Oil Price Forecast Video 07.11.19


Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


Brent markets pulled back a bit as they reached towards the 200 day EMA, which is sloping lower. Ultimately, the market looks as if it is trying to dance around between the 200 day EMA and the 50 day EMA. At this point, the $62.50 level is an area that has attract a lot of attention in both directions, so it makes quite a bit of sense that we would continue to see noisy behavior. I think short-term pullbacks at this point will probably continue to find buyers, especially near the 50 day EMA which is currently just underneath the $61 level. All things being equal, this is a market that probably stays in the same range that it has been in, mainly because of the OPEC production cuts that are supposedly coming in December. Beyond that though, we have a serious lack of demand so it’s a “push pull” scenario.

Please let us know what you think in the comments below

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker