Crude Oil Price Forecast – Crude Oil Markets Quiet on Friday

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Friday, as it looks like we are trying to pullback, to test that previous resistance barrier. At this point, it is very likely that crude oil will continue to find buyers on dips, mainly due to the recent OPEC and IEA projections that there will be more demand at the end of the year. All things been equal, the 50 day EMA is sitting just below the $60 level that is tilting higher, so I think that it is likely that we will find plenty of attention in this market when we see the occasional pullback.

Crude Oil Video 19.04.21

Brent

Brent markets have gone back and forth during the course of the trading session on Friday, as we have recently broken out, and as a result it looks like we are trying to build up enough momentum to continue to go higher. On the other hand, if we were to break down below the candlesticks from the last couple of days, then I think it is likely that we will reach towards the $65 level. The 50 day EMA underneath is starting to tilt higher, so that is also a very bullish sign as well. If we break above the highs of the Friday session, then it is likely that the market could go looking towards the $70 level. At this point in time, crude oil is going to continue to be a market that is basing its movement on the latest “reopening trade” headlines crossing the wire. In general, this is a market that has been choppy but positive.

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