Crude Oil Price Forecast – Crude Oil Markets Rally Into The Weekend

Crude oil markets rallied a bit during the trading session on Friday, reaching towards the top of the overall range. At this point, the market is awaiting what happens with OPEC as well.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Rally Into The Weekend

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially pulled back during the trading session on Friday, but then shot towards the $60 level. It is the top of the overall range, and of course the top of the uptrend channel, this of course is a sign of significant resistance. If we can break above the $60 level, then the market goes looking towards the $62.50 level. Otherwise, and waiting on OPEC and its decision, if the market is underwhelmed it could go back to the $57.50 level, which is closer to the 200 day EMA. With this, the market is likely to rollover in that scenario. At this point, the trade probably happens on Monday.

Crude Oil Inventories Video 09.12.19

Brent

Brent markets also are reaching towards the top of the overall consolidation that extends to the $65 level. It’s likely that the market breaking above there could open up the door to the $67.50 level, and then eventually the $70.00 level. Ultimately, this is a market that should continue to find buyers on short-term pullbacks, unless of course the OPEC decision at its meeting is underwhelming. If it is, then the $62.50 level will be targeted, and then eventually the $60.00 level. The trade probably happens on Monday, and if we can break in one direction or another, it’s likely that the momentum will jump into this market and push much higher or lower. Ultimately, this is a market that will be moving on news more than anything else but OPEC has a major issue,  as the demand is a major issue as well.

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