Crude Oil Price Forecast – Crude Oil Markets Testing Major Support

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Thursday, dancing around the $51 level. Ultimately, this is right in the middle of a range of support that is the bottom of the overall trading range that we have been in. The $50 level has attracted a certain amount of buying but it’s very unlikely that the level simply gets sliced through. A certain amount of psychological importance and of course option trading will be done around that range. At this point, if the market can break above the $52.50 level, it’s very likely that we will then go looking towards the $55 level. Furthermore, if we were to break down below to a fresh, new low though would be an extraordinarily negative sign, and could send crude oil looking towards the $47.50 level, possibly even the $45 level.

Crude Oil Forecast Video 07.02.20

Brent

Brent markets went back and forth during the trading session on Thursday as well, as the market continues to dance around the $55 level. That is the bottom of a larger range, and therefore it’s likely that we will continue to go down towards the $50 level on a breakdown. Otherwise, if we were to turn around a break above the $57.50 level, the market probably goes looking towards the $60 level. Again though, there are a lot of concerns about Chinese demand and that most certainly will have more of an effect on the Brent market that will any of the other grades that are commonly trade.

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