Crude Oil Price Forecast – Crude Oil Markets Give Up Early Gain
Crude Oil Prices Forecast Video for 29.09.23
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market has initially tried to rally during the session on Thursday, but fell after initially trying to rally as the $95 level is a psychologically significant figure, and an area that of course will attract a certain amount of attention. Ultimately, it looks like crude oil has gotten far too ahead of itself, and therefore if the market were to pull back from here I would make a certain amount of sense as traders will try to collect gain. The $90 level is an area that I would anticipate offering a bit of support, as it is a large, round, psychologically significant figure. However, it also makes sense that the previous action there would attract a certain amount of attention as well.
As long as supply is an issue, it is probably only a matter of time before crude oil rises in value, so keep that in mind. This is not to say that it goes straight up in the air forever, but clearly there is an upward bias to this market. I am a buyer of dips, and would love to see WTI drop down to the $90 level.
Brent Crude Oil Technical Analysis
Brent markets also have given up early gains for the session as the $95 level is a little bit too rich for the market at the moment. Nonetheless, I think you get a situation where we have to pay close attention to the idea of lack of supply as well, and therefore I think it’s probably only a matter of time before we break toward the $100 level. In the short term, the $92.50 level seems to be the overall support level, and of course dips at this point in time will more likely than not be looked at as a potential value play, with the lack of supply coming out of both Russia and Saudi Arabia continued to be a major driver. Inflation tends to drive oil prices higher as well, so with all that being said, it does make a certain amount of sense that there are still buyers. However, the market is a bit stretched so a pullback should only attract more buyers given enough time.
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