Crude Oil Price Forecast – Crude Oil Markets Continue To Grind Higher

WTI Crude Oil

The WTI Crude Oil market rallied again during the trading session on Thursday, as it looks hell-bent on going towards the $62 level followed by the $62.50 level which is the top of the overall range. This is a market that I think continues to see a lot of bullish pressure due to the OPEC production cuts as of late. Ultimately, this is a market that looks likely to see buyers on dips, but I don’t know whether or not we can break above the $62.50 level as it is in extreme amount of resistance. If we can break above there though, then crude oil will continue to go much higher. The question now is more or less whether or not there is going to be enough demand. So far, I think it’s probably a stretch.

Crude Oil Forecast Video 20.12.19

Brent

Brent markets also have rallied a bit, and I do think that they will try to break higher, but the occasional pullback will offer value that you should be looking for. I think at this point in time it’s very likely that Brent should find plenty of support at the $65 level, and then perhaps even the $63.50 level which is the 200 day EMA. Given enough time though, if we can break above the $67.50 level, then it allows Brent to go looking towards the $70.00 level again. It is bullish, but there are a lot of problems out there as far as demand is concerned. If the US/China trade talks fall apart, the rally in oil will end rather abruptly.

Please let us know what you think in the comments below