Crude Oil Price Forecast – Crude Oil Continues to See Pressures

WTI Crude Oil Technical Analysis

The West Texas Intermediate crude oil market pulled back just a bit during the early hours on Wednesday, as we continue to see a lot of concerns out there about global demand. After all, it seems like the world’s economies are slowing down, and if that’s going to be the case, it’s not a good look for crude oil demand going forward.

That being said, there’s also a geopolitical component that could send the markets right back around to the upside as well, so do keep that in mind. I see significant support near the $71.50 level, so if we reach that area and bounce, it might end up being a nice entry. Quite frankly, this is a market that shot straight up in the air during the previous week. So, this type of pullback isn’t really that out of the ordinary.

 Brent Crude Oil Technical Analysis

Brent markets look very much the same again, as just like the WTI market shot straight up in the air during the previous week, and now seems to be giving up some of those gains. In the Brent market, I see the $75 50 cents level offering support as it was the previous resistance offering a bit of market memory.

If we reach that area and bounce, that might also be a bit of a buying opportunity or perhaps an entry at this juncture. I think it’s probably more likely than not, there will at least be some interest there. If we were to break down below there, then I see support at the $74.50 level and then the $72.50 level. Above, I look at the $80 level as the potential ceiling, especially considering that we pulled back from it just a couple of days ago.

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