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

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.

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