Crude Oil Price Forecast – Crude Oil Continues to Show Signs of Life

WTI Crude Oil Technical Analysis

The crude oil market has pulled back for the early hours on Wednesday only to turn around and show signs of life in the West Texas Intermediate crude oil grade of petroleum at this point. It looks like the $69 level is going to be defended. And I do think that there is a significant amount of support all the way down to the $67.50 level. That being said, the market is likely to continue to see a lot of noise underneath. And I do think it probably continues to look at the $67.50 level as a major area of importance. Longer term, we could get to the $71.50 level as we recover.

Brent Crude Oil Technical Analysis

Over in the Brent market, we pulled back just a bit, only to turn around and show signs of life again. If we can recapture the $72.50 level, then it’s very possible that we could go looking to the $74 level. Anything above there could open up the possibility of a much bigger move toward the $75, possibly the $77 level above.

All things being equal, if the market were to break down below the $71 level, it could cause a little bit more of a pullback, but as things stand right now, it certainly looks like oil is trying to get its footing back. At this point, the markets are getting a bit of a boost from not only the oversold condition, but also the geopolitical and demand questions with the loose monetary policy coming.

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