Crude Oil Price Forecast – Crude Continues to Try to Find Bottom

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has shown itself to be building a base during the early hours on Tuesday, and it looks like we are trying to turn around and get back towards the $75 level. And therefore, I think you’ve got a situation where market participants continue to look at this through the prism of perhaps trying to find a little bit of value.

Keep in mind this time of year is typically somewhat bullish as there’s more traveling, but at the same time, there are a lot of concerns out there that the economy is slowing down. On the positive side, for price at least, we do have geopolitical concerns, so that probably makes this a bit of a value play.

Brent Crude Oil Technical Analysis

We have the same thing in the Brent market as the Brent market has broken back above the $77 level in early trading, and now the question is, can it reach the $79 level where the recent sell-off really began in earnest? Ultimately, I do think there is a lot of support underneath, and I think there’s only so much space to the downside that oil markets can travel.

But whether or not they become extraordinarily bullish, well, that would be a completely different question. I think we’re just continuing to meander back and forth and looking for some type of bigger fundamental news. If you enjoyed the video, give me a thumbs up and subscribe.

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