Crude Oil Price Forecast – Crude Oil Continues to Look Upwards

Crude Oil Prices Forecast Video for 11.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market had a minor rally early in Friday’s trading session amid ongoing market turbulence. Observers have noted the market’s restless behavior, but one thing stands out: traders are ready to rejoin the action at the first sign of a downward shift. The supply situation continues to be a primary concern, and recent days have witnessed a noteworthy upswing in oil prices.

Nonetheless, it’s essential to remember that markets don’t go higher indefinitely in a single direction. A retracement toward the $85 level is anticipated to capture significant attention, with a subsequent focus on the $83 level. Despite the possibility of market fluctuations, shorting the market doesn’t appear to be a wise strategy given its current resilience.

Brent Crude Oil Technical Analysis

Meanwhile, Brent Crude Oil markets exhibit resilience as they hover around the psychological $90 threshold. This level has recently witnessed substantial volatility, underscoring its significance for traders. Similar to WTI, Brent has sustained an upward trajectory, signaling a clear shift in market sentiment that’s difficult to overlook.

An interesting note is that both crude oil grades recently experienced a “golden cross,” with the 50-Day Exponential Moving Average crossing above the 200-Day EMA. This technical signal underscores the market’s bullish long-term outlook.

In the grander scheme of things, the oil market maintains its optimism, with Russia and Saudi Arabia strategically curbing their oil supply. Their commitment to voluntary price cuts signals their dedication to higher prices. Nonetheless, clouds may gather on the horizon if the global economy eventually slows down. For now, the focus remains on the upward trajectory.

Nevertheless, prepare for a wild journey in the oil market in the upcoming months. Volatility is expected to be a constant companion as market dynamics evolve. The road ahead for crude oil prices is marked by uncertainty, but the prevailing bullish sentiment, bolstered by strategic supply adjustments, prevails. If we can avoid a recession, this will only bolster prices in this sector. Also, remember that the Americans are going to have to replace the Strategic Petroleum Reserve that the Biden Administration emptied last year.

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