Crude Oil Price Forecast – Crude Oil Stalls

Crude Oil Prices Forecast Video for 07.09.23

WTI Crude Oil Technical Analysis

The West Texas Intermediate Crude Oil market pulled back just a bit during the trading session on Wednesday, finally running out of momentum. That being said, the market could very well pull back from here, but I think given enough time we will probably find buyers. The Russians and the Saudi Arabian governments have both decided to extend production cuts, and that caused quite a bit of noisy behavior in the market during the previous session. That being said, it’s obvious that the market is probably going to continue to see upward pressure. That being said, you can only run on momentum for so long before pulling back.

At this point, a pullback to the $85 level could be an area of support, followed by the $82.50 level. In general, I think this is a market that you are looking for some type of value on a pullback in order to take advantage of. The $90 level above could be a potential target given enough time.

Brent Crude Oil Technical Analysis

Brent markets pulled back just a bit during the trading session on Wednesday as well, as it looks like the $90 level has offered quite a bit of resistance. That being said, I think it’s just a matter of the market has been overdone to the upside; therefore, I think you have got a situation where you need to find value on the pullbacks. The $85 level should now be the “floor in the market” going forward. That being said, we also have the “golden cross” that has just happened in this market, and happened previously in the WTI market, showing signs of bullish pressure from the longer-term standpoint.

In general, this is a market that I just don’t have any interest whatsoever in trying to short because quite frankly this is a market that has much further to go and the recent breakout has shown just how much bullish pressure there is. The continued supply issue is more likely than not going to be a scenario where the Brent market goes looking toward the $100 level, and perhaps the WTI grade is looking toward the $95 level over the longer term.

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