Crude Oil Price Forecast – crude oil markets sideways for Monday

WTI Crude Oil

The WTI Crude Oil market when sideways overall during trading on Monday, as we continue to dance around the $69 level. I think a short-term pullback may be in order though, perhaps reaching down to $68 underneath. The $68 level was previously resistive, so it would make sense that “market memory” dictates that we find buyers in this region. I believe that the short-term pullbacks should attract enough attention, because quite frankly the US dollar has been rolling over, and if trade talks can continue with the Chinese, that will ensure that trade could continue to strengthen.

Brent

Brent markets also when sideways overall during trading on Monday, as the market is digesting some of the recent gains. We hovered near the $76 level, and I think that the $75 level underneath is essentially support just waiting to happen, as it was previous resistance. I believe that there are buyers underneath, and I would be willing to go long of this market at the first signs of strength. The US dollar falling also helps the Brent market, and I believe that the market will continue to follow that path overall. If we do break down below the $75 level, it’s very likely that the $74 level will also be very supportive, so if we break down I would be looking for signs of support or bounce from there as well. I don’t have any interest in shorting oil markets right now they have proven to be far too resilient over the last couple of weeks.

Crude Oil Video 28.08.18