WTI Crude Oil Technical Analysis
The light sweet crude oil market has broken down fairly significantly again during the trading session on Wednesday, but we are trying to bounce because quite frankly, there’s only so many sellers out there. That being said, it does look like we are trying to do everything we can in order to keep the market somewhat afloat at the moment. The $55 level seems to be an area of some interest, but I don’t necessarily think that you can jump into this market right away. At the very minimum, you need to see crude oil recapture $60 to even have that conversation.
Brent Crude Oil Technical Analysis
Brent looks horrible as well as we are hanging around the crucial $60 level, an area that I didn’t think we would see and if you had told me this, I would have thought it would have been some time into the future. That being said, a bit of a bounce could be coming, but I think somewhere right around this $65 level, you’re going to see a lot of resistance.
That being said, also, if we get positive headlines coming out about the tariffs, specifically if tariffs will go away, then the next thing you will see more likely than not is oil skyrocket. So be aware, it’s only going to take a tweet or something like that to get oil really going, as almost everyone is sitting on pins and needles.
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