Crude Oil Price Forecast – Crude Oil Pulls Back Slightly to Kick Off the Trading Session

Crude Oil Prices Forecast Video for 18.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market initially tried to rally a bit during the trading session on Friday, as it looks like we are perhaps in a little bit of profit-taking heading into the weekend. This does make quite a bit of sense, because there are so many moving pieces out there that could affect all markets.

On a pullback, I think the $87.50 level is an area where buyers could come back into the picture, as it was the body of the most recent consolidation. All things being equal, this is a situation where you are buying on the dips as OPEC continues to cut production. This is a simple supply and demand equation, and with that being the case, with 1 million barrels out of the market every day, it does make sense that we continue to see higher pricing. With that being the case, this is a market that I think continues to see a lot of noisy behavior, but ultimately, we go higher.

Brent Crude Oil Technical Analysis

Brent markets also look a little exhausted, as we are pulling back from the initial push higher during the early hours. I think at this point, you are looking for value in this market that you can take advantage of, and therefore I think it’s probably only a matter of time before you see market participants come back into this market and look for value. The $90 level is an area that I think makes a certain amount of sense as it was a previous consolidation, and of course a large, round, psychologically significant figure.

The $95 level above is a large, round, psychologically significant figure that seems to be offering a little bit of resistance, so it does make a certain amount of sense that we would see this come into the sphere of trouble, but it also makes a certain amount of sense that it could end up being a target over the next couple of trading sessions. I have no interest whatsoever in trying to short crude oil at the moment, it is certainly struggling with supply at the moment.

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