Crude Oil Price Forecast – Oil Pulls Back to Support

WTI Crude Oil Technical Analysis

The WTI crude oil market pulled back just a bit during the trading session on Thursday, but really at this point in time, I think we are pulling back into previous resistance, which should be support.

With that being the case, I do think that value hunters are going to come back into this picture and try to take advantage of what has been a fairly significant and obvious breakout. On the upside, I see the $85 level as being your target. That doesn’t necessarily mean that we get there overnight, just that it is where we will eventually make it. Keep in mind that this time of year is typically high demand for crude oil as we start to see more travel. And of course, the 50 day EMA is getting ready to cross the 200 day EMA in the so-called Golden Cross.

Brent Crude Oil Technical Analysis

Brent markets look very much the same as the $84.50 level should offer support based on market memory. And of course, we also have the Golden Cross getting ready to happen over here.

My target in the Brent market is $90, but quite frankly, I do think that both of these oil markets could outperform over the next several months. Geopolitical tensions also add to the fray. And of course, the fact that certain refineries are being shut down or are shutting down from time to time globally has also put a little bit of a strain on the global supply. We do have enough supply, but whether or not that remains a case with central banks around the world cutting rates and spurring economic demand will remain to be seen.

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