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

WTI Crude Oil

The WTI Crude Oil market rallied a bit during the training session on Friday, reaching towards the 50 day EMA. Ultimately, we have wiped out the losses from the Thursday session, and it looks as if we are trying to reach towards the 200 day EMA again. Beyond that, the market is in a consolidated area, and therefore I think that the $52.50 level underneath is massive support that extends down to the $50 level. I don’t know if we can reach towards the $60 level above, but it is the beginning of the top of the overall range that extends to the $62.50 level.

Crude Oil Inventories Video 04.11.19

Brent

Brent markets rallied as well, slamming into the 50 day EMA. At this point, the market looks likely to continue to try to go higher, and if we can clear the 50 day EMA on a daily close, then it’s likely that we will continue to grind. The $63.60 level is where we find the 200 day EMA, and at this point in time it’s very likely that we will continue to see a lot of noise, as the market is very choppy but at the same time we have OPEC threatening cuts, so it should continue to go higher. All things being equal, it’s likely that the market will continue to be very noisy, because not only do we have perceived production cuts coming in December, we also have to worry about a lack of global demand as the geopolitical and world economy threatens global growth.

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