Crude Oil Price Forecast – Crude Oil Markets Drift Sideways

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has been slightly positive in the beginning part of the session, only to give up some of those gains as we wait for the Federal Reserve statement and interest-rate decision. Quite frankly, this is a market that is probably being held hostage by a whole slew of issues, not the least of which is going to be the perception of where drum power is going with Federal Reserve policy.

In a very tight market, it’s possible that we could see demand destruction continue, and that could be a negative weight around the neck of oil. On the other hand, if we break above the 200-Day EMA, sitting just above the $91 level, it could send this market higher.

Brent Crude Oil Technical Analysis

Brent markets look very much the same as you would expect, although they did pierce the crucial 200-Day EMA during the session. Ultimately, the $100 level could be the target, but then again so could the $90 level as this market seemingly has no real directionality at the moment. With this being the case, I think you probably continue to look at this as a sideways and ranging market that you will be trading short-term moves at best.

I would not put a lot of money into this market right now, but once we get through the Federal Reserve decision, we could start to see the possibility of a bigger move. Which direction that is, we can only guess at this point. Remember, you are going to follow what the market does, not what it “should do.”

Crude Oil Prices Forecast Video for 03.11.22

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