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Crude Oil Price Forecast – Crude Oil Continues to Build Pressure
Published: Dec 30, 2024, 14:40 GMT+00:00
The crude oil market is bullish again during the early hours on Monday, but at this point in time it looks like we are trying to do everything we can to build up enough momentum to break out to the upside, perhaps taking off early in 2025.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market has shown itself to be somewhat positive in the early hours on Monday as we continue to see energy overall perform fairly well. So at this point in time, there is a liquidity issue and you have to wonder about that, but I think we’re also getting geared up for a lot of the stimulative effects in the United States and pro-business moves, which will help the West Texas Intermediate crude oil market anyways.
We are bouncing from a historically important support level in the form of 65-ish dollars. So, I think that comes into play as well. But it’s really not until we break above $72.50 that we can start to say that we’re forming a new uptrend. We are in the basing portion of it right now, but not bullish quite yet from a longer-term buy and hold standpoint. In the meantime, short-term pullbacks continue to offer buying opportunities.
Brent Crude Oil Technical Analysis
Brent looks very much the same, maybe not as bullish as the West Texas Intermediate Crude Oil Market, but that makes sense because Brent is more a China-EU thing. The $70 level underneath will continue to be a massive floor and anytime we pull back, I think you’ve got a nice short-term buying opportunity, but we really need to clear roughly $76 to get overly bullish with this market and perhaps send it to the $80 level. I do believe that both oil markets rally in 2025, but we just need to get some type of momentum in the market and that’s going to be a little difficult this time of year.
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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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