Crude Oil Price Forecast – Crude Oil Markets Fight Back

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has rallied a bit during the trading session on Monday, as we continue to see a lot of volatility around the world. Ultimately, this is a market that I think is going to have to deal with the fact that demand is falling through the floor, and it is probably only a matter time before rallies get faded. After all, the Manufacturing PMI numbers in the United States came out weaker than anticipated, showing a slowdown in the economy. This may have been part of the reason that we gave up the highs of the day.

Brent Crude Oil Technical Analysis

Brent markets of course are going to suffer the same fate, as the 2 markets tend to move in tandem. It looks as if the $90 level is going to cause some issues, and I think at this point you need to understand that the psychology of $90 is probably a factor, but we have also seen a bit of noise in that area recently as well. Ultimately, I think this is a scenario where you have to be very cautious, but you are looking for signs of exhaustion to start fading.

Eventually, it’s very possible that we may break down even further and try to go back down to the $80 level, but it will almost certainly be volatile and noisy. I do not like buying oil at the moment, because quite frankly I think there is too much economic destruction out there to assume that it is suddenly going to take off. Furthermore, the strengthening US dollar is not helping.

Crude Oil Prices Forecast Video for 04.10.22

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