Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gain

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially rallied during the trading session on Thursday but gave back gains rather quickly. It looks as if the market is going to continue to see a lot of negativity out there, therefore I think you need to pay close attention to oil itself. After all, oil is the lifeblood of the global economy, so therefore it tracks what’s going on with the economy quite closely. With the economy seemingly ready to slow down, it’s difficult to imagine why you would want to be a buyer of oil.

Because of this, I think you continue to fade short-term rallies, as we should continue to see a lot of negativity in general. The US dollar is like a wrecking ball for risk assets overall, and I do think that the market will continue to favor it over anything else.

Brent Crude Oil Technical Analysis

Brent markets also tried to rally for the session, but gave back gains rather quickly. By doing so, it shows just how fragile the situation is, and that we just do not have much in the way of strength in the energy markets overall. I do think that it is probably only a matter of time before we see a continued selling of this market, perhaps with the $85 level being a target. We just got the “death cross” in the last day or 2, and that typically will bring a lot of people into the market on the short side as well. Ultimately, I have no interest whatsoever in trying to get long of this market, at least not until something structurally changes.

Crude Oil Prices Forecast Video for 23.09.22

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