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Crude Oil Price Forecast – Crude Oil Continues to Attempt Forming a Bottom
Published: Sep 13, 2024, 14:58 GMT+00:00
The crude oil markets have been slightly positive during the early hours on Friday, but at this point in time the market looks as if it is trying to sort out where it’s going next, and therefore I think you will continue to see a lot of volatility in this sector.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil market is rather quiet during the early hours on Friday as we continue to see a lot of overall volatility in financial markets. Keep in mind that the crude oil market, of course, has been hammered due to the fact that the Chinese seem to be demanding less, but that might actually be due to a conversion from crude oil to natural gas in several bottles of large rigs.
That’s a story worth watching. Regardless, we are oversold and traders around the world are worried that whether or not the overall global economy is going to take a nosedive, because after all, keep in mind that the crude oil market is the life’s blood of the economy. If we can continue to go higher, I believe that the West Texas Intermediate Crude Oil will then face significant resistance at the $71.50 level.
Brent Crude Oil Technical Analysis
The Brent market looks very much the same and is currently hesitating at the $72.50 level, an area that’s been important a couple of times in the past, so if we can break out perhaps to the $73.50 level, then maybe we can pick up some momentum. Until then, you have to look at this as a more or less sideways market, but regardless of how you parse things in the crude oil market, at least temporarily, we are most certainly oversold in both grades that I follow.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Christopher Lewisauthor
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
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