Crude Oil Price Forecast – Crude oil markets give back some of the gains on Tuesday

WTI Crude Oil

The WTI Crude Oil market initially rallied during the trading session on Tuesday but fell short of retaking the $65 level. Ultimately, by rolling over the way we have it shows just how difficult it’s going to be to continue to extend to the upside. At this point, it’s very likely that the market will continue to be very noisy as we have a lot of concerns when it comes to the Venezuelan situation, and of course whatever’s going on with the OPEC and the next meeting. With all of that going on at the same time, we will continue to see a lot of volatility in this area. That being said, if we break down below the $62.40 level, we will more than likely unwind to the $60 handle. To the upside, it’s going to take a lot of effort.

Oil Forecast Video 01.05.19

Brent

Brent markets also tried to rally during the trading session on Tuesday, but as you can see have given back a bit of the gains, as we continue to see a lot of noise above. Quite frankly, rallies at this point will be treated with suspicion until we can clear the $75 level on a daily close. Crude oil markets are getting a lot of noise from a fundamental standpoint as well, so I don’t expect any type of relief from this action. $70 underneath should be massive support.

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