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Crude Oil Price Forecast – Crude Oil Markets Continue to Power Higher

By:
Christopher Lewis
Published: Sep 19, 2023, 14:01 GMT+00:00

The crude oil markets rallied rather significantly during the trading session on Tuesday as we continue to see massive upward pressure.

Crude oil barrels, FX Empire

In this article:

Crude Oil Prices Forecast Video for 20.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be rather strong during the trading session on Tuesday, as we have massive amounts of effort put into this market to continue the massive bullish run. At this point, the market is far too dangerous to chase, and I do think that eventually we will have to have a bit of a pullback. (Full disclosure: I’ve been saying this for several days now, LOL.) That being said, markets don’t go straight up in the air forever, and Murphy’s Law dictates that if you choose to follow here, it’s likely that you will have to write out some type of massive pullback.

Because of this, you are better served waiting for a pullback to the $90 level, possibly even the $87.50 level before dipping your toe in the water. Does the oil market go higher from here? Sure, of course it does at this point, but that doesn’t necessarily mean that he gets there overnight. This brings in the old adage “bulls make money, bears make money, but pigs get slaughtered.”

Brent Crude Oil Technical Analysis

Brent markets have rallied as well and look like they are hell-bent on going to the $95 level. If we can break above that level, then it opens up the possibility of a move to the $97.50 level. Given enough time, I do think that we get there, but much like the WTI market, I do think that we are a little overdone at this point and it would make a certain amount of sense to see this market pullback in order to find more buyers. I suspect that the $90 level will be an area that a lot of people are paying close attention to, as it is a large, round, psychologically significant figure, and an area that has been massive resistance previously.

Just above, I anticipate that the $100 level will be the target, and it would more likely than not end up being where we end up over the next several weeks or even months. As long as Saudi Arabia and Russia continue to cut back on production, then it’s very difficult to see how the market will fall for any significant amount of time.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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