FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the course of the trading session on Friday but found enough support near the 50 day EMA and perhaps even more importantly the $70 level to turn around and form a bit of a hammer. With that being the case, the market looks as if it is ready to go higher, at least in the short term as it looks like we are simply consolidating the previous gains. At this point, the world is waiting to figure out whether or not OPEC+ can come to an agreement to allow the production of crude oil to be stable again.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

At the same time, we have seen a lot of noise coming out of the US dollar, which can have a negative correlation on this market as well if it starts to strengthen. If we break down below the $70 level, we probably go looking towards the $67.50 level.

Advertisement

Crude Oil Video 19.07.21

Brent

The Brent market also fell significantly during the course of the trading session on as well, but just as we had seen of the WTI market, the 50 day EMA as offered enough support to turn this thing around. At this juncture, it looks like we are trying to form a bit of a consolidation zone, so that is worth paying attention to as well. If we see the US dollar strengthen though, that might be enough to push this market down towards the uptrend line. After that, we have the $70 level that should also offer support. Quite frankly, I do not have any interest in trying to short the market, but I recognize that we have a lot of noise ahead of us.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker