Crude Oil Price Forecast – Crude Oil Continues to Bounce From Lows

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market rallied a little bit during the early hours on Thursday. And at this point in time, it looks like we are threatening the $75 level. If we were to break above the $75 level, then it’s likely that we will continue to go to the upside near the $77.25 level. If we break down below the $73.50 level, then we could drop back down to the $71.50 level, which has been significant support.

All things being equal, this is a market that continues to see a lot of volatility and a lot of questions asked about geopolitics. And of course, the fact that Libya is cutting off production. So, all things being equal, this is a market that I think will continue to be very noisy, but we are at extremely low levels, and therefore, I think the bounce does make a certain amount of sense, at least in the short term Brent markets look very much the same.

Brent Crude Oil Technical Analysis

We are messing around with the $78 level. This is an area that, you know, has been somewhat important. If we can break above that, then we could open up a move to the $80 level over the next several days, possibly. A breakdown below the lows of the last two days would open up a move back down to the $75 50 cents level, which has been a significant floor.

Keep in mind, both of these markets have to worry about geopolitics and the possibility that demand might be falling. After all, it looks like we are slowing down economically and that has a negative effect on crude oil.

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