FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
41,040,621Confirmed
1,129,591Deaths
30,625,860Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
WTI and Brent Crude Oil

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the trading session on Friday, reaching down towards the $40 level. We have bounced from there to show signs of resiliency again, as we are testing the 200 day EMA. That being said, there is still little bit of resistance at the $43 level, so it will be interesting to see whether or not we can break above there. If we do in fact break above there, the market is likely to go looking towards the $45 level, possibly the $50 level. However, it is interesting to see whether or not the bullish inventory numbers can keep moving in the correct direction for oil traders, and of course we have to pay attention to the US dollar because a rally in that currency could weigh upon this market as well.

Advertisement

Crude Oil Video 21.09.20

Brent

Brent markets also were treading water during the trading session on Friday, as they are dancing around the 50 day EMA. If we do break above the 200 day EMA, then it would change quite a bit, perhaps reaching towards the $50 level. That being said though, if we see the US dollar strength in and of course people start to focus on the fact that demand is falling, not rising, so at this point it is probably only a matter of time before we rollover again. Right now, we do not have the signal, but I am definitely watching in this area just below the 200 day EMA for a potential reversal of momentum after we had recently broken down.

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

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US