Crude Oil Price Forecast – Crude Oil Continues to Look Bullish

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Published: Oct 4, 2024, 12:57 GMT+00:00

The crude oil market rallied again in the early hours of Friday, as we continue to see a lot of pressure to the upside, and reaction to the increasingly dangerous situation in the Middle East. At this point, the market looks like we have also bounced from a major support level recently as well.

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market rallied a bit during the course of the early hours on Friday as we continued to reach towards the $75 level. This does make a certain amount of sense considering that demand for crude oil hasn’t really abated. And at the same time, we have a lot of tensions in the Middle East that will continue to perhaps put a bit of a squeeze on price.

For what it is worth, we recently tested the lower region of a two-year range near the $65 level and have even pulled back and then shot higher again. At this point, it looks like crude oil is going to continue to see buyers on short-term pullbacks as it will allow for finding value. I’d be especially interested near the $71.50 level as that is an area that’s been historically important, but if we do break to the upside, the $75 level being cleared would be a huge victory.

Brent Crude Oil Technical Analysis

The Brent market looks very much the same, and at this point I think we have to look at it as a market that will continue to be fairly noisy. I’d watch the $75.50 region for support on any pullback wait to see if that holds. At this point, it looks like we’re trying to get to the $80 level. We are a little stretched in the short term, but again, this looks like a market that’s reacting to the geopolitical issues in the Middle East, as well as potential demand due to central banks loosening monetary policy.

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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.