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Crude Oil Price Forecast – Crude oil markets continue to levitate

Crude oil markets had a very poor EIA numbers come out during the trading session on Wednesday, and of course this did put a little bit of a drag on crude oil, but at the end of the day the market is bullish and of course has recently broke major resistance.
Christopher Lewis
Crude Oil daily chart, April 25, 2019

WTI Crude Oil

The WTI Crude Oil market has continued to levitate overall, even though the EIA number was at an addition of 5.5 million barrels, instead of the expected 0.9 million barrels. That’s a very bearish number but of course we are worried about the Trump administration continuing to punish countries that by Iranian oil. There is now talk of getting rid of waivers sometime next week, and of course the Iranians are discussing blocking the streets of her moods, which of course disrupts global oil supply. While the American 5th Fleet will knock them out of the water, the reality is there will be a knee-jerk reaction in this market to the upside. I believe that the $65 level continues offer significant support, and the $67.50 level offers significant resistance.

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Crude Oil Price Forecast Video 25.04.19

Brent

Brent markets continue to hover just below the $75 level, which of course is a large, round, psychologically significant figure, and a scene of consolidation last year. This is an area that should continue to offer a lot of selling pressure, but if we can break above the $77.50 level, we would be free to go much higher. Short-term pullbacks should continue to be buying opportunities, but with the “floor in the market” being closer to the $70 level, we could get a pullback that offers plenty of value. I have no interest in shorting this market, as it has been very bullish and there are far too many risks out there that Could Dr., Brent much higher.

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