Crude Oil Price Forecast – Crude Oil Markets Pull Back

WTI Crude Oil

The WTI Crude Oil market has pulled back slightly during the trading session on Thursday, as we are a bit overbought. Ultimately, this is a market that should continue to find buyers, but we may be a bit overdone. At this point, the 50 day EMA underneath is starting to reach higher, angling for a move towards the top of the range yet again. Ultimately, this is a market that is being supported by OPEC doing some cuts, but on the upside, there are a lot of concerns when it comes to the Americans oversupply of crude oil into the markets. Beyond that, there are also concerns of demand around the world.

Crude Oil Forecast Video 03.01.20

Brent

Brent markets pulled back a bit during the trading session on Thursday as well, as they are also towards the top of the range but have recently seen the “golden cross” as the 50 day EMA has broken above the 200 day EMA. At this point, the market should continue to find buyers, but we probably need to pullback in order to find a bit of value. All things being equal, the market looks as if it will try to break above the $62.50 level, but if we can break above there then the market going to go looking towards $70. Having said that, the market broke down below these moving averages, it’s very likely that we could go down to the $60 level underneath.