Crude Oil Forecast: WTI Drifts as Brent Holds Near $93

WTI Crude Oil Technical Analysis

The light sweet crude oil market has drifted a little bit lower during the trading session here on Monday, as it looks like we are just bouncing around looking for some type of certainty in the markets, something we haven’t had for some time in this asset. The war continues to be the biggest issue at the moment.

The headlines out of the Middle East continue to push things back and forth, and with a lack of headlines and really rumors now that a certain amount of oil is flowing through the Strait, it does make some sense that we’ve drifted a little bit lower. But really at this point in time, nothing is decisive enough, at least from what I can tell, to get this market really moving.

Brent Technical Analysis

The Brent market has shown itself to be somewhat noisy as well. Looking at this market, we can see that we did drop a bit at the open, but have since seen a little bit of a bounce.

The market is currently hanging around the $93 level. That’s an area that is important previously, so market memory comes into play. Falling from here opens up the possibility of a drop down to the 50-day EMA near the $88 level, but that area will, of course, attract a lot of attention from technical traders to the upside.

The $100 level could be a target for buyers, as it’s a large round, psychologically significant figure and an area that’s been a swing high recently. As things stand right now, though, it appears that the markets are just moving on the latest headlines, and right now, with quiet newswires, the markets really aren’t doing too much at the moment, as with this, it is probably a time when traders are taking a well-deserved rest.

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