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Crude Oil Price Forecast – Crude Oil Markets Quiet on Thursday

Crude oil markets were relatively quiet during the trading session on Thursday, as we continue to hover around very low levels. At this point, the market is waiting to see what happens next with global demand.
Christopher Lewis
Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market has dropped slightly during the trading session, in relatively quiet momentum. The market looks very likely to continue to look at the $25 level as something of interest as far as the resistance is concerned. A break above there, then the market goes looking towards the $27.50 level. That is an area where sellers should continue to come into the marketplace, followed by the $30.00 level which obviously has a lot of psychological importance to it. Quite frankly, there is a gap above that needs to be filled but we would need some type of good news to even begin to entertain that thought.

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Crude Oil Video 27.03.20

Brent

Brent markets of course are a bit more positive as you can see on the chart, reaching towards the $30.00 level again. If we can break above the $31.00 level, then it’s likely that the market could go looking towards the $35.00 level. Beyond that, then we start looking at the $40.00 level and the gap. However, just as with the West Texas Intermediate market is concerned, you would need to see some type of positive global headlines to get the price of oil to spike from here. Quite frankly, the world is swimming in excess reserves, and the price war between Saudi Arabia and Russia is only exacerbating this issue. Ultimately, this is a market that will probably bounce given enough time but there is going to be a lot of damage in the sector before that happens as we are at extremely low levels.

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