Crude Oil Price Forecast – crude oil markets soft again

WTI Crude Oil

The WTI Crude Oil market fell during the trading session on Thursday, reaching below the $72 level. This is an area that has been supportive in the past, but quite frankly this looks like a market that is trying to break down even further. I anticipate that the $70 level underneath should be massive support, so a break down below the $70 level will be catastrophic for the midterm. I think overall though, we will see value hunters coming back into the marketplace given enough time.

Brent

Brent markets also fell during the day, reaching towards the $81 level. That’s an area that looks to be offering support, but quite frankly it looks as if the oil market is trying to break down. If it does, I think the $80 level would be a reasonable target for short-term traders, and of course longer-term traders will be paying attention to the crucial $80 level as it has a lot of psychology attached to it. In general, I believe that the oil markets are finally starting to struggle due to fears of a global slowdown, and of course surprise builds in inventory in the United States. Overall, I think there are buyers underneath it we certainly aren’t in a comfortable position to start buying it at this point. I would need to see at least a daily candle that show signs of life again before I would be, a long trader. Expect noise to say the least.

Crude Oil Forecast Video 12.10.18