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Crude Oil Price Forecast – Crude Oil Continues to Look Bullish
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.
In this article:
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.
For a look at all of today’s economic events, check out our economic calendar.
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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