Crude Oil Price Forecast – Crude Oil Markets Continue Choppy Behavior

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially gapped higher to kick off the trading session on Tuesday but then crashed into the $60 level. By doing so, it looks as if the market continues to see a lot of noise ahead and quite frankly creates a lot of headaches for traders trying to find traction. The $60 level of course will attract a certain amount of attention due to the fact that it is a large, round, psychologically significant figure, but at this point in time it appears that traders are willing to simply grind away and wait for the OPEC meeting later this week to have more of a fundamental driver as to where we are going next.

Crude Oil Video 31.03.21

Brent

Brent markets of course are behaving very similarly, with the $65 level offering resistance. Because of this, I believe it is probably only a matter of time before we see Brent markets react to that meeting as well, but in the short term it certainly looks as if we have nowhere to be. I think you will continue to see more choppy behavior than anything else and therefore I am a bit hesitant to put money to work right now, but as soon as we get an impulsive candlestick in one direction or the other, I would not hesitate to get involved. That would include a significant break above $65, or a turnaround and slice through $60 underneath, which could open up a rather big selloff. Currently, the market has no idea what to do with itself in its waiting to see whether or not OPEC will roll production cuts into the next month.

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