Crude Oil Price Forecast – Crude Oil Markets Continue to Find Buyers on Dips
WTI Crude Oil
The West Texas Intermediate Crude Oil market has pulled back just a bit during the trading session on Friday only to find buyers yet again on the dip. At this point time, the market looks as if it is trying to go higher and reach towards the $85 level, but it is also worth noting that the volatility has picked up. I would love to see some type of pullback in order to find value, because that could show an opportunity to pick up oil “on the cheap.” I believe that the $80 level underneath should offer plenty of support, but even if that gets broken, the 50 day EMA would almost certainly come into the picture as well.
Crude Oil Video 25.10.21
Brent markets have pulled back just a bit during the course of the trading session on Friday, but then turned around to show signs of life again. It appears that we are going to hang around the $85 level, which of course is an area that a lot of people will be paying close attention to, but quite frankly I would love to see this market pullback towards the $80 level so I can find a little bit of value in a market that is obviously so bullish.
Supply continues to be a major issue, so keep that in mind as although we are a bit extended, you certainly cannot short this market. The 50 day EMA sits just below the $80 level, and is rising in order to offer support as well. In general, this is a market that I think continues to see a lot of noisy behavior.
For a look at all of today’s economic events, check out our economic calendar.