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Crude Oil Price Forecast – Crude Oil Continues to Rally a Bit in The Early Hours on Monday
Published: Aug 12, 2024, 14:22 GMT+00:00
The crude oil market continues to see a lot of upward pressures, although we are still in a very difficult environment. With this, I am cautious about the commodity. Geopolitics, demand, and concerns about central bank actions all have a part to play.
In this article:
WTI Crude Oil Technical Analysis
The West Texas Intermediate Crude Oil Market rallied just a bit during the trading session on Monday in the early hours as it looks like we are trying to reach towards the $77 level. If we can break above that level, then it’s very possible that we could go looking to the $78.50 region. Keep in mind there are a lot of geopolitics involved in oil these days as the tension in the Middle East doesn’t seem to be going anywhere, and of course people are getting excited on the idea that the Federal Reserve might actually cut rates.
Furthermore, we’ve seen oil plunge to a major support level and has bounced quite nicely. So we might just be trading in a longer term range to begin with. As things stand right now, short-term pullbacks probably attract attention from value hunters.
Brent Crude Oil Technical Analysis
Over in the Brent market, it’s very much the same story. We’re right around the $80 level as New York is coming online. And it’s very possible that we could go look into the $81.50 level. The $81.50 level of course is an area that’s offered a lot of resistance in the past, so it does make a reasonable target. Short-term pullbacks could see support come in right around the $79 level, as it has shown itself there previously. In general, I think oil continues to be noisy, but at the very least, we are finding value hunters coming back into the market.
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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