Crude Oil Price Forecast – Crude Oil Continues to Look Supported

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Published: Aug 27, 2024, 13:37 GMT+00:00

Crude oil markets continue to see a lot of noisy trading as the oil market are going to continue to see a lot of questions asked of it. Also, the market will be looking at geopolitical issues, as well as Libya cutting production.

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market pulled back just a bit during the trading session on Tuesday in the early hours, but really at this point in time, the market has shown itself to be extraordinarily supported. Over the last couple of days, we’ve dealt with dwindling production coming out of Libya, which of course is a major problem. And then of course, we have the problem with geopolitical tensions. And that, of course, will keep the market somewhat afloat. With that being the case.

I think you have to pay close attention to short-term pullbacks as they could offer us a little bit of value. Ultimately, this is a market that will probably pay close attention to the $75 level as a potential floor as well. In general, I do think that we may try to get to the $80 level, but I don’t think it’s going to be as quickly as some people would hope, but we’ll just have to see how that plays out.

Brent Crude Oil Technical Analysis

In the Brent market, it’s very much the same idea as market participants continue to see reasons for the market to go higher, but really at this point in time, I also recognize that the Brent market is a little bit stretched. So, with that being said, we probably have a scenario where traders are more likely than not to come in to buy the dips. And therefore, I think the market does have a little bit of a floor in front of it. If we could break above the $81.55 level, that could really send Brent, and probably by extension, the WTI crude oil market racing.

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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.