Crude Oil Price Forecast – Crude Oil Markets Attempting to Find a Floor

Crude Oil Prices Forecast Video for 06.12.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has shown itself to be somewhat resilient during the trading session, as we initially fell, but found enough support near the $72.50 level and turn around to show signs of life. The $74 level is an area where we have seen some noise on short-term charts, and it looks like we are trying to break above there. If we do take off to the upside, then it’s possible that we could go look into the $76 level above. If we break above there, then the $79.50 level could be the next target.

Keep in mind that oil is trying to deal with the idea of whether or not there is going to be enough demand, and of course whether or not we are heading into a recession by extension. There are a lot of concerns about the global markets having to deal with economies being sluggish, which of course hurts oil.

Brent Crude Oil Technical Analysis

Brent is very much in the same type of environment, finding the $77.50 level as support, and turning around to show signs of life. If the market is trying to get to the $80 level, perhaps trying to break above the $84 level where the 50-Day EMA is, and of course an area where we have seen a lot of noise in the past. Ultimately, this is a market that has been consolidating for a while, and I think that continues to be the case. With this, I like the idea of being very cautious with position sizing, but I also can make an argument for range bound trading to be the case going forward.

Keep in mind that the month of December will get very volatile at times, and of course we have the jobs number to pay close attention to on Friday. That of course could have an influence on the US dollar, and whether or not the demand for crude oil will continue to pick up. After all, if we start to see a slowdown in employment, it does suggest demand will continue to drift lower.

For a look at all of today’s economic events, check out our economic calendar.