Crude Oil Price Forecast – Crude Oil Continues to See Pressures

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil Market shot higher during the early part of the trading session on Wednesday, but at this point in time, it looks like we are struggling to get any real traction. If we can break above the $71.50 level, then we could go much higher. But really at this point in time, I think we have a scenario where there’s just so much concern about Chinese demand and the overall global economic situation deteriorating that it does make a lot of sense that oil is taking it on the chin. That being said, we did get a shot higher earlier in the day only to get turned right back around.

Brent Crude Oil Technical Analysis

The Brent market also rallied initially but could not break above the crucial $75 level. If we can break above the $75 level, then the market is likely to continue going higher. Otherwise, I think we’re going to go back and forth and just simply chop and try to sort out where we are going next. The $72.50 level underneath is going to continue to be the floor in the market.

And therefore, I think you have to look at this through the prism of whether or not we can break down below the $72.50 level because that opens up a plunge lower, I think in both, at this point, it does not look healthy at all. This could be a warning sign for the bulk of the financial markets around the world, as oil is a sign of economic strength or weakness.

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