Crude Oil Price Forecast – Crude Oil Continues to Find Buyers at Low Levels

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has shown itself to be somewhat supported during the early hours on Monday again, as traders continue to look at this through the prism of whether or not oil can get up off of its floor. After all, we’ve seen a lot of back and forth kind of choppy behavior below the $67.50 level. And the question now is, are we in fact finally forming a bit of a base?

If we are, then I think you’ve got a scenario where traders are going to be looking at this as a market that could rally quite nicely. And if it does, we could be looking to the $71.50 level as your next target. At this point though, the big thing of course is going to be whether or not we get momentum.

Brent Crude Oil Technical Analysis

You can see the same thing here in the Brent market as it looks like the $72.50 level continues to be an area that could be targeted as it was previously support. If we can break cleanly above there and perhaps clear the $73 level, then I think you start to see Brent go looking towards the $75 level. The market is going to be noisy because a lot of people are concerned about geopolitics, but they’re also concerned about whether or not we actually have enough demand.

Global demand has been falling, and of course there are concerns of longer term recessions, but at the same time, we are bouncing from the bottom of a massive two-year consolidation area. So, this is definitely going to be noisy and we’re going to have to watch these couple of levels just above.

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