Crude Oil Price Forecast – Crude Oil Markets Trying To Find A Bottom

Crude oil markets have gone back and forth during the trading session on Thursday but look as if they are trying to form a bit of a base at these extreme lows.
Christopher Lewis
Crude Oil Price Forecast - Crude Oil Markets Trying To Find A Bottom

WTI Crude Oil

The West Texas Intermediate Crude Oil market initially fell during the trading session on Thursday, as they have continued to see a lot of concerns when it comes to China. However, we are at extreme lows in one would have to think that there are a lot of people down there at the $50 level willing to jump in and pick up crude oil “on the cheap.” A break above the $52.50 level allows this market to go much higher, perhaps reaching towards the $54 level, and then the 50 day EMA. Short-term pullback should offer plenty of buying opportunities unless of course will make a fresh, new low. While crude oil has a lot working against it, it is extraordinarily cheap.

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Crude Oil Forecast Video 14.02.20

Brent

Brent markets are even more bullish, bouncing from the $55 level, and looking very likely to go looking towards the $57.50 level. That could send the markets much higher as it is a barrier being broken, and then I believe at that point the market goes looking towards the $60.00 level. Pullbacks at this point should continue to be buying opportunities as well, as the crude oil markets have taken a real punch to the face due to the Chinese economic situation, as trade wars and the coronavirus have been very damaging. However, if it looks like the Chinese are starting to get a grip on the coronavirus, then oil should rally due to the fact that the demand should pick up quite drastically. Remember, markets trade on future expectations, not what’s going on right now. We should see a massive turnaround in China rather quickly.

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