Crude Oil Market Price Forecast – Crude Oil Markets Continue to Kill Time

Crude Oil Prices Forecast Video for 03.03.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done very little during the day on Thursday, as we continue to kill time and look for some type of reason to get involved. We are right in the middle of the major consolidation area, with the $82.50 level above is resistance, right along with the $72.50 level underneath. Because of this, and the 50-Day EMA, it’s very unlikely that I would be interested in putting money into this market due to the fact that we are nowhere near the outer edges of what is a well-defined and easily seen consolidation area.

Brent Crude Oil Technical Analysis

Brent markets have gone back and forth during the trading session on Thursday as well, as it just has nowhere to be at this point. The $90 level above is your resistance, especially as it is backed up by the 200-Day EMA, just as the $77.50 level underneath is significant support. We are in the middle of this range just as we are in the WTI market, and therefore trading at this point is just simply gambling. There’s no real drive by either the buyers or the sellers to do anything major here, so unless you are employing some type of short-term range bound trading system, you are essentially doing what would be the same as a coin flip in the commodities markets.

We need to see some type of fundamental change in the overall supply/demand equation, because even though the supply is rather tight, with the global economy slowing down, it’s difficult to imagine that crude oil will suddenly be very bullish as a result.

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