Crude Oil Price Forecast – crude oil markets choppy for Thursday session

WTI Crude Oil

The WTI Crude Oil market has rallied towards the $70 level in early trading on Thursday, but then pulled back rather significantly. The $70 level above is a major resistance from a psychological standpoint, but I do think that when you look to the longer-term charts, the $71 level above is probably much more important. I do believe that this market eventually goes higher, but we may need to see some type of pullback in order to take advantage of that. Below current levels, I think that the $69 level is even more supportive, so overall I believe that we are going to continue to see a lot of choppiness, but most certainly with an upward tilt.

Brent

Brent markets also tried to rally but struggled at the $78 level. By doing so, it looks as if we aren’t ready to go anywhere either. I do think that the upside is probably going to be the winner in this equation, so ultimately I am a buyer and I think that the $77 level underneath will also be supported. I like buying dips, and we may get one here. Overall though, there are concerns about Iranian oil not hitting the market, it of course the US dollar softened a bit over the last couple of days has helped as well. With a stronger US GDP overall, it suggests that perhaps we will have more economic activity, which of course increases the demand for oil overall. Selling isn’t a thought until we break down below the $76 handle, something that doesn’t look likely.

Crude Oil Forecast Video 31.08.18