Crude Oil Price Forecast – Crude Oil Markets Testing Uptrend

WTI Crude Oil

The West Texas Intermediate Crude Oil market has gotten hammered again during the trading session on Tuesday, as we continue to see a lot of negativity out there when it comes to the reopening trade, and whether or not there is going to be enough demand for crude oil. Quite frankly, with industrial numbers coming out of China softer than anticipated, right along with the United States, that is the world’s two biggest consumers of this commodity.

This is not to say that I am ready to start shorting wildly, but it certainly looks as if we were to break down below the bottom of the range for the trading session on Tuesday, we probably go looking towards the $65 region. On the other hand, if we can take out the highs of the Tuesday candlestick then I think we can continue to go higher.

Crude Oil Video 04.08.21

Brent

Brent markets have also fallen a bit during the course of the trading session on Tuesday as well, reaching down towards the $71.50 level. At this point, it is very possible that we continue falling towards the $70 level, as we are now below the 50 day EMA. If we were to take out the top of the candlestick for the session on Tuesday though, I think at that point we would see a rather bullish action. Nonetheless, I think Brent is also going to suffer at the hands of the idea of the Delta variant infections picking up around the world, and a fear of the slowing down of the economy. Lockdowns are probably going to be somewhat limited, but at the end of the day the economy is May slowdown regardless.

For a look at all of today’s economic events, check out our economic calendar.