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Crude Oil Price Forecast – Crude Oil Markets Await Opec Meeting

Crude oil markets did very little during the trading session on Tuesday as we await the results of the OPEC meeting this week.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Await Opec Meeting

WTI Crude Oil

WTI Crude Oil markets went back and forth during the trading session on Tuesday, showing a bit of stability on the uptrend line, and it looks as if we are essentially in where it should be thought of as an uptrend and channel. That being said though, we are awaiting the results of the OPEC meeting this week, and therefore I don’t expect oil to do much until those announcements come out. I would be on the sidelines; a and it’s not lost on me that we are essentially in the middle of the overall $10 consolidation range.

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Oil Forecast Video 04.12.19

Brent

Brent of course is the same story, hanging just above the $60 level, the middle of the overall consolidation area that we see in this market as well. The 50 day EMA continues to offer a bit of resistance, so we could break above there it’s likely that we could go looking towards the 200 day EMA. Otherwise, if we break down below the $60 level, we will probably go looking towards the $57.50 level. Again though, if the OPEC meeting that will move this market so there is in a whole lot to do and I would be on the sidelines when it comes to this market as plenty of nonsense out there with the trade war continues to throw the markets around as well. That being said, I believe that the market will probably continue to be difficult to navigate until we get some type of direction from OPEC as to what they are going to do with potential production cuts or even extensions of production cuts.

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