Crude Oil Price Forecast – Crude oil markets continue selloff

The crude oil markets have pulled back a bit during the trading session again on Thursday, as we continue to chop around overall. Crude oil has looked a very negative, but at this point we are trying to form some type of wedge. Even if we do break down from here, there are a lot of support levels underneath.
Christopher Lewis
Crude Oil daily chart, September 13, 2019

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gotten hammered again during the trading session on Thursday, reaching towards the $54 level. At this point, the market is reacting to the lack of cuts, and perhaps the geopolitical situation loosening with the Iranians as Donald Trump has fired John Bolton, a known hawk when it comes to the Iranians and just about anything else on the planet. With this, there is hope that perhaps the Americans and the Iranians will talk again. Regardless though, quite frankly it appears that OPEC nations aren’t cutting like they said they would, which of course should not be a huge surprise as they rarely do. Oversupply continues to be an issue, so it’s likely that we fall in this range for a while.

Crude Oil Forecast Video 13.09.19


Brent markets also fell during the trading session as we are decidedly below the 50 day EMA now. It looks as if we are going to go down to the $57.50 level. That’s an area that will offer a bit of support, and then the $56 level will be next. Global growth and demand is also an issue, and with central banks around the world trying to inflate their economies, this is going to create very sloppy trading conditions as we have had over a decade of this already. I suppose you could asked the question: “if it really hasn’t worked so far, then what’s different now?”

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

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.