Crude Oil Price Forecast – Crude Oil Continues to Bounce

Crude Oil Prices Forecast Video for 09-02-2024

WTI Crude Oil Technical Analysis

You can see that the WTI crude oil market has rallied early during the trading session on Thursday to reach the crucial 50 day EMA. Crude oil is in the process of trying to recover from a nasty sell off over the last several months, and as such, we have seen a lot of volatility. That being said, I think this is a market that will continue to be very difficult and noisy to hang on to as we try to sort out whether or not loose monetary policy coming later this year is going to drive up energy demand. Typically that is true, but at this point, there are some questions asked lie exactly who’s going to be cutting rates and when. After all, the Federal Reserve has had some pretty hawkish tone as of late.

I am not necessarily saying that they won’t cut interest rates this year, but rather suggesting that it may be a little later before they do that caused the latest sell-off in crude oil, but at this point, it looks like we are trying to do everything we can to turn things around. And I do think it happens eventually. Once we break above the 50 day EMA on a daily close, then the next obvious target would be the 200 day EMA above, which at this point in time is a little closer to the $77 level.

Short-term pullbacks should continue to be buying opportunities and it’s probably worth noting that previously when we had visited the $68 region like we just had, there have always been buyers coming back over the last several years. So that might be part of what’s going on, too. We have a lot of longer-term traders trying to support the market currently.

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