Crude Oil Price Forecast – Crude Oil Continues to Look Sickly

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Published: Sep 27, 2024, 15:30 GMT+00:00

In the crude oil markets, we have seen a lot of negative action, and the market is now sitting on top of a major support level, yet again. Can we see some kind of hope going into the next few weeks?

WTI Crude Oil Technical Analysis

West Texas Intermediate crude oil was slightly soft during the early hours on Friday as we continue to dance around the $67.50 level. This is an area that’s been important multiple times and therefore I think you need to be very careful, cognizant of the fact that there should be some type of reaction. If we turn around and break above the $68.50 level, then I think we could go looking to the $69.50 level and then eventually the $71.50 level.

If we break down below here, then the $65 level becomes very important because it’s been recent support, but it’s also been longer term support for the last couple of years. Keep in mind that crude oil has a lot of external factors that influence it, not the least of which would be whether or not there is going to be demand. So ultimately, I think we are going to see a lot of noise.

Brent Crude Oil Technical Analysis

The Brent market has support at the $70 level that offers a bit of a floor. If we turn around and rally from here, then the market could go looking to the $72, 50 cents level. A breakdown below here could open up and move down to the $69 level, which has been important multiple times over the last couple of years. In general, I think you’ve got a situation where we continue to bounce around and try to form some type of bottom, but the bottom, of course, is going to be looked at with skepticism. Keep in mind that demand is a serious problem right now, as the world seems to be slowing down.

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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.