Crude Oil Price Forecast – oil markets bounce significantly on Monday

WTI Crude Oil

The WTI Crude Oil market spiked on Monday, reaching towards the $65 level and beyond. The market perhaps was a bit oversold, and as I record this video we are positive by 1.3%, and perhaps climbing from there. I think that the market will continue to be very erratic over the next several sessions, as we await the meeting, and perhaps an announcement of production increases. In other words, this is going to be a very noisy couple of days, so I would be very cautious about the size of your trading position.

Brent

Brent markets also were very bullish during the day, and as I record this video are currently up 1.75%. The $75 level above is of course going to be resistance, so I think it may be a bit of a fight to get above there ahead of the OPEC meeting. The OPEC meeting will of course driver we go next, but right now it looks as if the market is trying to recover many of the losses over the last several days. The $77 level above should be the “ceiling” in the market, so I don’t think we break above there anytime soon, unless of course OPEC keeps production cuts in line, and perhaps sounds as if it has no interest in trying to increase production. Overall, this is a market that will continue to offer plenty of opportunities, for those who can flip back and forth.

Crude Oil Video 19.06.18