Crude Oil Price Forecast – Crude Oil Markets Continue to March Higher

Crude Oil Prices Forecast Video for 14.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market rallied slightly during the trading session on Wednesday, as the market continues to see a lot of upward pressure. At this point, it looks like we are threatening the $90 level, which of course is a large, round, psychologically significant figure. Because of this, I do think that a slight pullback is probably in the cards, but I think that given enough time we should break through the $90 level, as it looks like inflation is starting to truly take hold.

The market is likely to continue to see a lot of “buy on the dips” behavior, as we had recently broken out of a bullish flag. Underneath, I see the $85 level as support, and then of course the 50-Day EMA underneath there. All things being equal, I think that this is a market that you cannot be a seller of, at least not as long as Saudi Arabia and Russia are both willingly cutting production and of course the Americans have to refill the Strategic Petroleum Reserve.

Brent Crude Oil Technical Analysis

Brent markets of course went higher as well, as now we are threatening the $92.50 level. If and when we break above here, I think the next target will be the $95 level. Just like the WTI grade, we have recently broken out of a small bullish flag, and therefore I think it’s a bit much to think that a pullback is something to start selling. The $90 level underneath should be massive support, based not only on the large, round, psychologically significant figure, but the fact that it is right in the middle of that flag.

All things being equal, I think we still have to pay close attention to the fact that supply is being taken away from the market, and the stubbornness of a couple of the major exporters to release more is likely to continue to be an issue. Furthermore, there is absolutely no reason for Russia to cooperate at this point, so I think this becomes a bigger issue through the rest of the year. Pay attention to the US dollar, because if it suddenly spikes, that could be the one thing to bring the market right back around.

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