Crude Oil Price Forecast – Crude Oil Markets Continue to GrindCrude oil markets did very little on Thursday, as we await the economic announcements that are so heavily favored to the back end of the week.
WTI Crude Oil
The WTI Crude Oil market initially pulled back during the trading session on Thursday but found buyers just above the 20 day EMA yet again. Quite frankly, this is a market that has nowhere to be so do not be surprised at all if I end up telling you the same thing tomorrow. There are a lot of moving issues right now when it comes to crude oil, not the least of which is going to be the fact that there is a serious problem with demand. Furthermore, the US dollar of course is going to be a major driver of the price of commodities. With that, I think there is probably more upward pressure than down, but nobody is in a rush to get overly involved one way or the other.
Crude Oil Video 07.08.20
Brent markets look a little healthier, but just barely. Quite frankly, this is a market that I think continues to see a lot of noise in general due to the fact that we are pressing up against major resistance, but we also have the 20 day EMA underneath offering plenty of support. I think at this point is more likely than not going to be more of a grind higher, perhaps reaching towards the $52.50 level but it may take ages to get there. We are “leaning to the upside”, but that is about as good as this market gets. With Non-Farm Payroll coming, that could be a catalyst for currency markets to have their say as well. With this, I think we probably go higher.
For a look at all of today’s economic events, check out our economic calendar.