Crude Oil Price Forecast – Crude Oil Finds Buyers on Friday

WTI Crude Oil Technical Analysis

The light sweet crude market has rallied a bit as it bounced from the 200 day EMA during the early hours on Friday. At this point in time, the market is likely to continue to see a little bit of a bounce follow through and I do think that this is the value proposition people have been waiting for, as the light sweet crude market got a little bit ahead of itself. With that being said, I am a buyer, but I recognize if we were to break down below the $72.50 level things could suddenly turn around.

Brent Crude Oil Technical Analysis

Brent markets look very much the same, bouncing from the 200 day EMA, as it looks like we are going to continue to rally towards the $82 level and at this point in time I think given enough time market participants will continue to see a move towards that direction. $82 is the target but if we can break above there then Brent really starts to take off.

We have seen a nice pullback, as value hunters are coming back into the markets on Friday, and I think all of this makes quite a bit of sense. With this being said, the markets will continue to be a bit noisy, but I think we are starting to look at the idea of central banks around the world loosening monetary policy and of course, the action in America with its economy, both driving up demand for crude oil.

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