Crude Oil Price Forecast – Crude Oil Markets Quiet in Holiday Lull

Crude Oil Prices Forecast Video for 28.12.22

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market has done very little during the trading session on Tuesday, as traders came back to work. Quite frankly, this is the time year where nobody does anything of science, so you’re probably not going to see much in the way of movement. However, if there is some type of major news announcement or black swan event, it will drive the markets nuts. Because of this, you have to be very cautious about your position sizing if you do choose the short the market, which of course has been the right trade most of the year, because some type of attack, or surprise announcement by OPEC could send the markets much higher than usual.

I don’t know how to explain this scientifically or even statistically, but my experience has been anytime you have a big position on in the holidays, the announcement always finds a way to go against you.

Brent Crude Oil Technical Analysis

Brent markets look very much the same, as they are hanging around just below the 50-Day EMA, telling me that they don’t really want to go anywhere. I think that we probably have sellers coming in sooner rather than later, but I also recognize that the market is probably going to drift aimlessly for the next several days. In other words, if I had to place a trade it would be to fade this short-term rally, but I don’t know that I have to, and I certainly don’t want to put a lot of money on any particular trade right now, let alone the oil market which is erratic under the best of circumstances.

For a look at all of today’s economic events, check out our economic calendar.