Crude Oil Price Forecast – Crude Continues to Fall Towards Support Below

Crude Oil Prices Forecast Video for 05-02-2024

WTI Crude Oil Technical Analysis

That being said, this is going to be a bit of a buying opportunity before it is all said and done. After all, we’re approaching the $72 level and I think underneath there, you have even more support at the $70 level.

From a longer term perspective, the $68 level has been like a major floor in the market and you have to look at it through that prism as well. I do believe that it is probably only a matter of time before value hunters come back in and when they do, it should be quite glorious. After all, they do tend to be a little bit exuberant, and with oil also having to worry about geopolitical concerns, there’s also the possibility that tensions in the middle East ranted up pricing.

That being said, I’m looking for some type of bounce so if it bounces about a dollar, I’ll be a buyer but until then I’m going to stand on the sidelines and just let the market stabilize itself. Because of this, I think you have to be very cautious, but at the end of the day you also have to look at this through the prism of a market that from a longer term perspective has guarded the area just below quite aggressively.

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