Crude Oil Price Forecast – Crude Oil Markets Continue Grinding

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone somewhat sideways during the trading session on Friday, but in general this looks like a market that continues to do what is done for the last several weeks, simply grind away sideways looking for some type of catalyst. Granted, we just had a hurricane but quite frankly nobody seems to care. The production being shut down is not enough to have people worried about the supply of crude oil. However, price is king, and we have been rallying in general over the last couple of months. With that in mind I like the idea of buying dips in the 200 day EMA underneath should continue to offer at the very least psychological support.

Crude Oil Video 31.08.20

Brent

Brent markets drifted a little bit lower during the trading session on Friday as we continue to dance around the 200 day EMA. Because of this, I do think that it is only a matter of time before we see buyers on that dip as well, because quite frankly Brent has been doing the same thing that the WTI market has, simply grinding sideways with a slight upward tilt. Until something fundamentally changes in the markets, I think that is going to be the story here, jumping in on short-term charts in buying dips. The falling US dollar should continue to help crude oil as well, so keep that in mind. If the US dollar continues to lose strength, then both grades crude oil that we follow here at FX Empire will continue to gain from that reason alone. I have no interest in shorting oil at the moment.

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