Crude Oil Price Forecast – Crude Oil Continues to Look For a Floor

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market has gone back and forth during the course of the early hours on Monday, as we are trying to hang around the $67 50 cents level and an area that of course has been crucial. If we can hang onto this, then oil has a potential move to the upside, but we’ll have to see some type of fundamental reason for people to actually feel like we are going to go higher after all, keep in mind that oil is a lifeblood of the global economy. And right now, the economy looks like it’s probably spiraling lower. If that’s the case, that’s not good for oil.

Brent Crude Oil Technical Analysis

Brent markets hanging around the $71.50 level. The $72.50 level has been broken. This is a market that could lead WTI to be lower due to the fact that it has a lot more international exposure, but you should also pay close attention to whether or not it breaks higher.

If it can recapture the $73.50 level, then possibly that could drag WTI with it to the upside as well. Either way, I think oil is going to have a tough couple of months as traders are starting to come to grips with the fact that the economy is not what they were told it was. Anybody who gets west of the East River in the United States can see the reality. Sometimes it takes Manhattan a little while to catch up, and I think that’s what we’re starting to see.

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