Crude Oil Price Forecast December 14, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market initially tried to rally during the trading session on Wednesday, but broke down below the $57.50 level. We have reached towards the $56.50 level later in the day, and it looks as if we are ready to go even lower. I believe that short-term rallies are selling opportunities going forward, unless we were to break above the $57.80 level, which would change everything. In general, I think that oil markets continue to be issues for traders, as the volatility continues to be a massive issue. Because of this, small positions are necessary in this market, as we can get sudden and violent turnarounds that cost you quite a bit of money. Longer-term, I believe that the $60 level above will be very difficult to overcome.

Crude Oil Price Forecast Video 14.12.17

Brent

The Brent Oil market tried to rally initially during the trading session on Wednesday, but broke down below the $64 level, and then the $63 level. It looks as if the oil markets are going to continue to drift lower from here, so I think that selling the rallies will continue to be the way traders deal with this market. The $61 level underneath should be support, but a breakdown below there will open the door to the $60 handle next. Oil markets continue to be very volatile, as although we had a larger than anticipated inventory drop, distillates continue to be a major issue well, so I think the crude oil market will continue to be noisy, but seems to be ready to correct to the downside. Needless to say, it’s not to be easy though.