Crude Oil Price Forecast – Crude Oil Bounces Slightly During the Session on Tuesday

Crude Oil Prices Forecast Video for 14.06.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market rallied a bit during the trading session on Tuesday, as it looks like we are getting closer to the bottom of the trading range that we have been in for a while. The $67.50 level underneath is an area of significant support, but if we were to break down below there, then it’s likely that we could go looking to the $65 level.

On the other hand, if we do rally and take out the $70 level, then it is likely that we could go looking to the 50-Day EMA, which is sitting just below the $73 level. Anything above there opens up the possibility of a move to the $75 level, which of course is a large, round, psychologically significant figure. That being said, I think oil continues to have a lot of issues, as the market is more likely than not going to continue to focus on the idea that the global economy is slowing down.

Brent Crude Oil (UK) Technical Analysis

Brent also rallied during the trading session on Tuesday, as it looks like we are trying to get back to the $75 level. The $75 level opens up the possibility of a move to the 50-Day EMA, which is at the top of the short-term consolidation area. Underneath, the $70 level offers a significant amount of support, perhaps extending all the way to the $71.50 level. In general, this is a market that is trying to balance the idea between industrial demand, or the lack of, and of course the idea that the crude oil market is very tight at the moment.

It’s obvious that traders out there don’t believe that a tight market is enough to drive prices higher for a significant move. In fact, it looks like traders are only focusing on the lack of demand, but it’s worth saying that we have put a bit of a “hard floor” into the market, so that helps. Ultimately, I think we continue to see a lot of noise between $70 and the 50-Day EMA going forward, and therefore you should trade accordingly.

For a look at all of today’s economic events, check out our economic calendar.