Crude Oil Price Forecast – Crude Oil Continues to See Buyers

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market was quietly optimistic in the early hours of Friday as we continue to reach toward the 200 day EMA. If we can break above the 200-day EMA, then it’s likely that the market will continue to break to the upside and perhaps go looking towards the $78 level. In the meantime, I do believe that short-term pullbacks will end up being buying opportunities, and I think oil is going to have a pretty good year, quite frankly. We have recently put in a large bottoming pattern, and now all we need is a little bit more liquidity to break through, but it certainly looks like the early days of 2025 are favoring the upside.

Brent Crude Oil Technical Analysis

The Brent market looks very much the same, although they will be a little more subdued than the WTI market, as the WTI market is more US-based, nd of course, most of the growth right now is in America. Nonetheless, if China starts to pick up a little bit, that will help Brent oil, it’ll help all oil, but that should be a catalyst as well.

All things being equal with central banks around the world cutting rates, with maybe the exception of the United States, then the idea of course is that inflation will increase, demand will increase, and it will make oil more expensive. We have recently formed a base over here as well and I think we are now looking at the bounce back in full effect. I’m bullish about oil, but I recognize the next couple of days could be noisy due to a lack of liquidity.

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