Crude Oil Price Forecast – Crude Oil Markets Pressing ResistanceCrude oil markets had a slightly positive session on Tuesday, as we press major resistance barriers above. With the recent OPEC cuts and the potential of the US/China trade deal working out, that could send the markets much higher. However, there is a line of supply to work through just above on the chart.
WTI Crude Oil
The West Texas Intermediate Crude Oil market initially fell during trading on Tuesday but found enough support underneath the turnaround and rally towards the $60 level again. This is an area that is obvious resistance on the chart and should continue to attract a lot of selling pressure. However, with OPEC cutting production by another 500,000 barrels and beyond that the extension of the 1.2 million barrels cut, one would think that there is the possibility of a breakout. This will be further exacerbated if the US and China come together with any type of “phase 1 deal.” Otherwise, expect a lot of sideways action over the next several days.
Oil Forecast Video 11.12.19
Brent markets rallied a bit after initially gapping lower on Tuesday, slamming into the $65 resistance barrier. Over here in this great of crude oil we have the same things driving price, US/China and OPEC. There is concern about a global slowdown amount of course ways upon pricing structures as well. Ultimately, this is a market that will continue to be somewhat noisy but, in the end, it will move right along with the WTI market. Pullbacks at this point should be supported at $63.40, as the 200-day EMA is down there, and then again as the $62.02 level as the 50-day EMA is found in that area. Expect choppy behavior but it certainly looks as if they are trying to drive oil higher at this point.
Please let us know what you think in the comments below