Crude Oil Price Forecast – Crude Oil Markets Bounce Into the Weekend

Crude Oil Prices Forecast Video for 14.08.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially dipped a bit during the trading session on Friday, but turned around to show signs of life again. It now looks as if we are trying to get back to the $85 level, which of course is an area that causes a certain amount of psychological resistance, and perhaps a little bit of resistance due to the amount of options that are almost undoubtedly parked in that region. Nonetheless, it looks like the market is trying to do everything he can to continue going higher, and if we can break above the $85 level, it should open up a fresh amount of momentum.

Short-term pullbacks at this point continue to see plenty of buyers, all the way down to at least the $80 level, and with OPEC cutting its production, it does make a certain amount of sense that we would continue to see upward pressure. Furthermore, the Americans refilling the Strategic Petroleum Reserve puts upward pressure on the market as well.

Brent Crude Oil Technical Analysis

Brent of course is doing the same thing that WTI is, with an attempt to break higher opening up the possibility of $90 being tested. Underneath, the $85 level in the 200-Day EMA near the $82.50 level offers support. That support of course is something worth paying attention to as the OPEC cuts and of course concerns about global supply continue to be a major driver. Furthermore, we have seen the US dollar take a little bit of a hit, and if that continues to be the case, it’s likely that oil will be a beneficiary.

Beyond that, there are also people out there betting on central banks loosening monetary policy, and that should drive up the value of the market over the longer term. After all, it will work against the value of various currencies. It’s not until we break down below the 200-Day EMA that I am worried about the uptrend, but I do recognize that we could be very noisy on the way up, as the market is a little extended at the moment, and therefore may need a little bit of a pullback to pick up more buyers.

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