Crude Oil Price Forecast – Crude Oil Markets Continue to Hover at Elevated Levels

Crude Oil Prices Forecast Video for 14.04.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market did very little during the Thursday session, as we continue to hover at very significantly overbought conditions. That being said, after the OPEC+ production cuts, the market shot straight up in the air and then essentially did nothing. The 200-Day EMA being broken above is a technically bullish sign, so that probably attracted a certain amount of attention in and of itself. Ultimately, I think the market will continue to look at dips as potential buying opportunities, but I also recognize that sooner or later we will probably fill the gap in the futures market. That would roughly be near the 50-Day EMA, but it should be a buying opportunity.

One thing that you also need to keep in mind is that the United States still has to fill its SPR, and therefore there should be a huge buyer in the market sooner or later. That being said, expect a lot of choppiness as global growth will more likely than not slow down simultaneously.

Brent Crude Oil Technical Analysis (UK)

Brent markets did the same thing, although they are hanging at the 200-Day EMA indicator. If we can break above here, then the market is likely to get looking toward the $90 level, an area that I think you will probably continue to be very noisy, but if we can break above the $90 level then Brent will more likely than not take off to the upside, perhaps reaching toward the $95 level. In that scenario, I would anticipate that we would see both grades of oil take off to the upside.

All things being equal, this is a market that I think is going to be a “buy in the dips” type of situation, with its 50-Day EMA near the $82 level, and of course the gap extending all the way down to the $80 level. Obviously, there is going to be the same noise out there when it comes to potential a global slowdown, but at the end of the day momentum is what seems to be driving all of these markets, beyond just oil and therefore you have to follow it.

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