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.

Crude Oil Price Forecast Video 25.04.19


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.

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

Top Promotions

Top Brokers

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.