Crude Oil Price Forecast – Crude Oil Markets Continue to Press to The Upside

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially fallen during the trading session on Wednesday only to turn around and reach towards the $75 level. By doing so, it shows that the market is still very strong overall and it will eventually go looking towards the highs again. If we can break above the highs of the trading session on Tuesday, I think that unleashes a fresh wave of buying pressure.

To the downside, it appears that the $74 level is going to continue to see support, but even if we were to break down below there, I think it is only a matter of time before buyers come back in, with a floor being formed at the $70 level with the 50 day EMA crossing just above it recently. With that being the case, I think it is only a matter of time before we see some type of value hunting come back into the market.

Crude Oil Video 30.09.21

Brent

Brent markets have also pulled back during the trading session with the $80 level above offering significant resistance over the last 24 hours. However, we have turned around to recapture some of those losses and it looks to me like we are trying to find a reason to get long yet again. Because of this, I think it is going to continue to be a “buy on the dips” type of scenario going forward. In fact, I find it very difficult to short this market anytime soon, right along with the WTI grade. As crude oil demand is going to continue to be very strong while supply is tight, we have further to go.

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