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Crude Oil Price Forecast – Crude Oil Markets Soften Up A Bit

Crude oil markets pulled back a bit during the trading session on Wednesday, reaching towards the round figure underneath before bouncing slightly. That being said, there are a lot of crosswinds right now when it comes to crude oil.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Soften Up A Bit

WTI Crude Oil

West Texas Intermediate Crude Oil pulled back slightly during the trading session on Wednesday, reaching towards the $58 level. That’s an area that has been important more than once, and of course is a large, round, psychologically significant figure. That being said, I do believe that we will probably make another run towards the $60 level after that. Ultimately, this is a market that is at the mercy of OPEC and several other factors. One of the major factors of course is the production cuts, but beyond that we also have concerns about the global growth situation. With that in mind it’s likely that the market continues to bounce around with a slightly upward proclivity.

Crude Oil Price Forecast Video 12.12.19

Brent

Brent markets also have pulled back a bit during the trading session but continue to show a bit of resiliency as well. The 200 day EMA has offered support, and therefore it’s likely that we will make another crack at the $65 level. If we can break above there, then it’s likely that the market continues to go much higher. Otherwise, if we break down below it then the 50 day EMA will come into focus at the $62 handle. That being said, I think we get a lot of back-and-forth trading, but we are essentially at the top of a larger range, so it makes sense to see a little bit of softness in the short term. Ultimately, this is a market that looks like it wants to go higher but has a lot to choose through in order to accomplish that.

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