Crude Oil Price Forecast December 15, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market went sideways initially during the trading session on Thursday, but then dipped down to the $56 level. We have seen a lot of volatility during the session, and the significant bounce of course is a good sign that we are going to go looking towards the $57.50 level after that. I believe that it is only a matter of time before the buyers get involved again, as we continue to bang around with various fundamental factors coming into play. OPEC of course has been cutting production, but at the same time, when prices go to high, the Americans can flood the market.

Crude Oil Forecast Video 15.12.17

Brent

Brent markets also fell a bit during the day, but found enough support at the $62 level to turn around and rally significantly. In general, one of the things that I think will move the market the most will be the US Baker Hughes Oil Rig Count. The previous reading of 751 will be the benchmark from which we measure, as in addition of oil rigs will put more downward pressure on the market, while a decline in the same oil rigs will put upward pressure on the market. It’s yet another piece of the argument for one direction or the other, so pay attention to what that announcement says. In general, I think that we probably will rally and the short-term, mainly if for no other reason than to continue the overall consolidation that we have seen. Volatility seems to be the one thing we can count on.