Crude Oil Price Forecast – crude oil markets fall again

WTI Crude Oil

The WTI Crude Oil market fell a bit during the trading session on Thursday, as we continue to see $50 offer support. If we break down below the $50 level, it’s very likely that we go down to the $45 level at the very least. Ultimately, I think that we are testing a major area, and it will continue to cause a lot of volatility. The crude oil markets of course are fighting a lot of different bottles at once, and I think that the production cuts could offer a bit of bullish pressure, but at the same time we have to worry about whether or not there’s going to be compliance. Otherwise, if we break above the downtrend line of the wedge that I have marked on the chart, then I think we could go higher.

Crude Oil Forecast Video 14.12.18

Brent

Brent markets continue to be soft as well, testing the $60 level. Everything that I said about the WTI market, you could say about the Brent market as well. If we break down below the $58 level, then I think the market unwinds to the $55 level. Ultimately, it’s not until we break above the $64 level that I’m comfortable buying. This is a market that I think will continue to be choppy overall, and certainly has a lot to work through. Beyond that, we are getting close to the end of the year, typically a time when people don’t want to put a lot of money to work. With that, this is a market that I think continues to be very difficult.