Crude Oil Price Forecast – Crude Oil Markets Continue to Look for Higher Levels

Crude Oil Prices Forecast Video for 17.10.23

WTI Crude Oil (US) Technical Analysis

The West Texas Intermediate Crude Oil market has initially pulled back just a bit during the trading session on Monday, as it looks like we have momentum coming back into the market. The $90 level underneath continues offer a significant amount of support, and I think it probably only takes a certain amount of time before looking to the $95 level. The $95 level was important in the past as it offered a certain amount of resistance previously.

If we can break above that $95 level, then it’s likely that the market could go much higher. If we break above there, then the market is likely to see a move toward the $100 level. A pull back below the $90 level could open up a move down to the 50-Day EMA, but either way, I look at short-term pullbacks as simply a buying opportunity in a market that has much further to go due to geopolitical unrest, and of course the supply chain issue.

Brent Crude Oil (UK) Technical Analysis

Brent initially pulled back during the trading session on Monday as well, as it looks like the $90 level has come into the picture to show signs of support. The $95 level above will be your target, and if we can break above there, then we could go to the $100 level yet again. On the other hand, if we turn around and break down below the $90 level, then it’s possible that we could see this market pullback toward the 50-Day EMA.

Ultimately, I do think that the crude oil markets have more buyers than sellers over the longer term, as we will have to worry about the supply and of course a lot of geopolitical concerns that will cause quite a bit of noisy behavior. Regardless, I think that you have to look at pullbacks as buying opportunities, and shorting this market is probably going to continue to be almost impossible. Not only do we have the Middle East tensions, but the production cuts continue to cause issues as well, as both Russia and Saudi Arabia have agreed to the 1 million barrel production cut per day.

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