Crude Oil Price Forecast – Crude Oil Markets Stall

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gone back and forth during the course of the trading session on Thursday as we continue to wait to figure out whether or not we are going to see a reopening trade that continues, and of course whether or not we can break above the 50 day EMA which currently sits at the $70 level. The $70 level of course is an area that will attract a lot of headline attention, so if we can break above there on a daily close then it would be a very bullish sign. On the other hand, we have the uptrend line underneath that could come into the picture as support, so do not be surprised if we see a little bit of buying in that area.

Crude Oil Video 13.08.21

Brent

Brent markets went back and forth during the course of the trading session on Thursday as well, as we also sit just below the 50 day EMA over here as well. If we break above the 50 day EMA, at least on a daily close, then it is likely that we could go looking towards the $75 level. The $75 level is of course an area that will attract a certain amount of attention and an area that had been resistive in the past. All things been equal, this is a market that continues to be very noisy, and as a result it is likely that we will see choppy behavior. Keep in mind that the US dollar will have its say as well, so pay close attention to the currency headwinds that could be part of the oil markets as well.

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