Crude Oil Price Outlook – Crude Oil Continues to Struggle

WTI/CL Technical Analysis

The crude oil market is currently hanging around the $63 level in the Light Sweet crude grade and now looks as if it maybe trying to bounce. I wouldn’t read too much into this. think oil is an almost untradable market at the moment because when you look at the last several sessions, what you do see is a lot of wicks. That means there isn’t a whole lot of conviction one way or the other.

We’re just drifting lower. One of the biggest problems you’re going to have is that Russia, OPEC, and the United States are all pumping out massive amounts of oil. And that’s going to keep the price somewhat suppressed despite the fact this is typically a very bullish time of year.

Brent Technical Analysis

Brent markets look very much the same, very choppy, a lot of wicks over the last week or so, but it does look like we’re at least trying to bounce. I think in this case, we may try to get to $67. I wouldn’t expect much more. And I would say the same thing in the Light Sweet crude oil market. I think we’re trying to get to the previous support resistance there as well at the $65 level. So, these are markets that I think are just going to continue with micro movements.

Trading oil has been somewhat miserable this year, with the exception of the conflict between Israel and Iran there hasn’t been much to really get the market moving for a sustained amount of time. This is just a sideways grind that seems to be trying to figure out where it wants to go. And unless you’re trading short-term charts, you’re going to struggle for comprehension.

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