Crude Oil Price Forecast – Crude oil markets undulate

WTI Crude Oil

The WTI Crude Oil market went back and forth during the trading session on Monday, as we continue to see a lot of volatility in financial markets in general. It makes sense that the WTI Crude Oil market will continue to struggle, because quite frankly as we do not know what’s going to happen next with the global trade war and of course concerns about overall demand. The market had fallen a bit too far though, so to see us go back and forth, isn’t much of a surprise in general.

Crude Oil Video 04.06.19

Brent

Brent markets of course did the same thing, as we are heading towards a major support level in the form of the $60 level. That is a large, round, psychologically significant figure, and the fact that we bounced from there makes quite a bit of sense. If we break down below the $60 level, the market could then go to the $55 level underneath. Alternately, we could bounce from here, but the $65 level could be short-term resistance. Beyond that, breaking above there could send the market looking for the blue 200 day EMA, but quite frankly I don’t think it’s going to happen anytime soon. The market will continue to be negative overall so look at rallies as an opportunity to sell crude oil. Beyond that, if we break down below the $60 level, then I suspect the next move will be to the $57.50 level below there as it is the next natural cluster.

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