Crude Oil Price Forecast – crude oil markets quiet Thursday

WTI Crude Oil

The WTI Crude Oil market has done very little during the trading session on Thursday, as we continue to hover above the psychologically important $65 level. Because of this, the market looks very likely to continue to be range bound over the next 24 hours as it is difficult to imagine a lot of volume coming in just ahead of the weekend. I think the $65 level underneath will be significant support, so if we can break down below that level it would indeed be a very important milestone to overcome. With this in mind, I would be an Advent seller underneath there. Otherwise, if we get some type of rally I would wait for signs of exhaustion to start shorting again.

Brent

Brent markets were choppy as well during the trading session, as we continue to hover around the $71 level overall. This is a market that obviously has a lot of digesting to do, as oil markets got bad inventory news on Thursday, and of course there are concerns about global growth and demand. Longer-term, oil markets are probably very bullish but I also recognize that we are looking at a short-term chart here, that shows the market needs to take a breather. If we break down below the $70 level, the Brent market should unwind quite rapidly. Otherwise, I suspect a bounce towards the $72 level could be in the cards, but I believe ultimately it will take quite a bit to make that happen. Any US dollar strength will probably turn this market back down to lower levels as well.

Crude Oil Forecast Video 17.08.18