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

By:
Christopher Lewis
Published: Dec 10, 2021, 18:56 UTC

The crude oil markets rallied just a bit during the trading session on Friday, as we continue to stabilize after the omicron selloff. That being said, there is plenty of support just below.

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

In this article:

WTI Crude Oil

The West Texas Intermediate Crude Oil market has rallied a bit during the course of the trading session on Friday, as we have seen quite a bit of noisy behavior of the last several sessions. Nonetheless, this week has been bullish in the sense that we have stabilize after what had been a very nasty selloff. Because of this, the market is very likely to continue seeing a lot of noisy behavior, but ultimately, I think the 200 day EMA underneath should be supportive. The $70 level sits just above the 200 day EMA as well, so I do think that there is a certain amount of buying pressure in that general vicinity.

Crude Oil Video 13.12.21

Brent

Brent markets have initially rally during the trading session on Friday but gave back a bit of the gains as traders were willing to close out their books for the week. The $75 level looks to be a bit resistive, but I think it is probably only a matter of time before we break above that level. Keep in mind that the omicron virus was a major reason for the selloff, as there was a lot of fear around the world. Because of this, now that the trading world has seen that fear subside a bit, it should not be a huge surprise to think that crude oil would have gotten a little bit of a boost. With that being said, I think this market probably sees buyers heading into the next week, and I certainly think that the 200 day EMA will be followed very closely.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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