Crude Oil Price Forecast – Crude Oil Markets Continue To Sit Still And Wait For ThursdayThe crude oil markets have gone back and forth in a relatively tight formation during the trading session on Tuesday, as we await for some type of announcement after Thursday as OPEC will be meeting about potential production cuts.
WTI Crude Oil
The WTI Crude Oil market has gone back and forth during the trading session on Tuesday, as we continue to wait for the results of the Thursday OPEC meeting. At this point, the market doesn’t really know what to do and I expect that the next couple of days will be very quiet until that announcement comes out. Just above, the $30 level should offer resistance, just as the $25 level underneath should offer support. Breaking down below the $25 level opens up the door down to the $22.50 level, and perhaps even as low as the $20.00 level if the bickering continues. On the other hand, if we were to break above the $30.00 level it’s likely that the market goes looking towards the $34 level rather quickly.
Crude Oil Video 08.04.20
Brent markets have tried to rally during the trading session on Tuesday, but then pulled back a bit as we continue to wait until we see some type of conclusion to that OPEC meeting. If we can break above the $35 level, it’s very likely that the market could go as high as $40, but it seems unlikely to happen in the meantime. I think the next couple of days will be rather quiet, and if the market drops from here it’s likely that the $30 level would be the target. All things being equal, this is the range that we are in right now, and it’s not until we know what OPEC is going to do that, we can make our next longer-term decision.