Crude Oil bounces around during the trading session on Thursday

WTI Crude Oil

The WTI Crude Oil market initially pulled back during training on Thursday, testing the $63 level. That’s an area where we found a bit of support though, so we bounced enough to reach towards the $63.60 level. I think at this point, a lot of what is about to happen will be sensitive to the jobs report, and the appearance of future demand. The better the jobs number, the more likely it is that people will see demand picking up for this commodity. If we can break down below the $62 level, the market will probably reach down towards the $60 handle below. Otherwise, we could rally towards the $66 level above.

Brent

Brent markets also had a slight pullback during the day but rallied significantly as the Americans came on board. I believe at this point we will probably go looking towards higher levels, but the jobs number of course can have a major influence on where we go next. The uptrend line on the chart is a minor one, but if we break down below that line, the market could reach down towards the $65 level. I think that the market will continue to be very noisy, but this is a market that continues to move on headlines more than anything else. The influence of the US dollar could come into play during the jobs number as well. If the dollar drops, that could give a bit of a boost, and of course vice versa.

Crude Oil Forecast Video 06.04.18