Crude Oil Price Forecast – crude oil markets show strength on FridayCrude oil markets show strength during the day on Friday, as we continue to see buyers jump in around the $50 level. OPEC is starting to show signs of a potential production cut deal, and because of this it’s likely that we could continue to go higher. Perhaps we have found a bit of a bottom?
WTI Crude Oil
The WTI Crude Oil market initially fell during the trading session on Friday, and then bounced hard to reach towards the $54 level. I think that there is a significant amount of resistance at the $55 level, and if we can get above there I think that the market continues to go to the $57.50 level. I think short-term pullbacks continue to offer plenty of buying opportunities, and value. If we break down below the $50 level, it could send this market much lower, perhaps down to the $45 handle. I think at this point though, we may have found a bit of a bomb and crude oil could start to take off.
Crude Oil Inventories Video 10.12.18
Brent markets also have found a bit of buying pressure underneath at the $60 handle, and if we can get some type of production cut that should help the crude oil market quite drastically. Overall though, I would expect a lot of noise, but if we break above the $65 level that could open the door to $67.50, perhaps even the 50 day EMA which is roughly at the $70 handle. If we turn around and broke down to a fresh, new low, then we could send the market down to the $55 level. Overall though, I think that we probably are going to see a bit of a rebound after the massive amounts of selling that we had, if nothing else just to collect profits.